There is no question that accounting is essential for every company. Firstly, it through its financial statement, a business can analyze several aspects of their operation including profitability and efficiency. After this evaluation, the firm's bigwigs can arrive at sound financial decisions to ensure the growth of their organization. One more advantage of accounting is that it makes it possible for a company to find out and stop fraud. Lenders may also evaluate a business's financial statements before granting a loan request.