Importance of Accounting and finance In Daily Business Posted on November 21, 2012 - 3:54 am by Sliver and Young Accounting and finance are considered to be the most crucial and complicated part of any business. With such a high number of transactions taking place on the daily basis and so much money to control, it gets difficult for a single authority to perform all the tasks with ease and comfort. In addition, the chances of error increase. Here comes the need for quality accountant in picture. Taking care of finance and accounting is important for every business; therefore, it is essential that all the financial details of the business are taken care of well. Small business accounting covers issues and tools relating to accounting and bookkeeping for a small business. It also includes accounting news; cash flow and related finance issues; tax record keeping; accounting software; billing and invoicing applications, etc. amongst others. Accountants generally help clients carry on their business and financial affairs efficiently and competently. They assist clients with preparing and verifying financial documents, and advise clients on the effects of various tax-related decisions. As tax accountants are knowledgeable about tax implications and the corresponding financial connection, they are able to effectively assist their clients in making important financial decisions. Tax accountants prepare and file taxes for their clients in compliance with the Internal Revenue Service, state and local tax laws. They also prepare documents that affect their clients’ tax matters, such as employment and income. Tax accountants have to remain well informed with the relevant laws that affect their clients’ tax matters. Also, the accountants must be familiar with the legal implications of their clients’ tax-related transactions.