Write in brief the essential of maintaining books of account in a business

It is necessary to clarify the importance of account to prove its essential of maintaining books of account in business. The complete record of every day transactions should be kept. Every kind of information can be taken from such records in necessity. Information about profit and loss of business, including its financial status, can be taken from systematic record. Since it is important to keep exact record of every transaction, iot helps to prevent probable fraud. It helps in future for plan and planning of function through the study of former accounts. In this way account records in business ply the important role of operating business in systematic way.