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This Is My Work

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Purpose of accounting

- Record Transactions – This means that the business must record all of the payments that have gone in and out of the business because if they don’t do that then things could go wrong with payments and could lead to losing money. So it is important for them to record all the payments in the business so it is stable. Also recording the transactions is good because it ensures the business is organised and up to date with everything that has gone in and out of the business. For example if Tesco didn’t do this then it might lead to their tax payments being wrong. This would mean that they would be in trouble with HM Revenue and Customs (HMRC).
- Monitor Activity – This means that you have to keep close eye on the business and how it is running. This will look at things like how the business is doing in terms of the sales, receiving payments from other company’s and paying employees, paying the expenses and other things like that. With this the owner of the business for example Tesco would know if something was wrong as he would know what’s been going in and out.
- Control – This means that the business is being controlled and looked at constantly. This has the ability to control the business and its accounts. If accurate records of transactions are maintained and activity closely monitored, then actions can be taken to control the balance between money flowing in and out of the business. If it appeared that Tesco’s expenses were creeping up but sales were staying the same, then the owner would look at ways to control or cut the costs of the business.
- Measurement of Financial Performance – Without this part of the business then they would not know if you were making a loss each month or a profit in the business. It is a very important part. You have different financial performances which include things like gross profit, and net...

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