Financial Transparency: Accounting helps businesses maintain transparency in their financial dealings, ensuring trust and accountability.

Regulatory Compliance: Accounting ensures that a business complies with local and international financial regulations, such as the Companies Act, Income Tax Act, GST Act, and others.

Decision-Making: Accurate accounting information helps business owners and managers make informed decisions regarding operations, investments, and financing.

Taxation: Proper accounting records are crucial for calculating and filing taxes accurately and on time.