| As an individual or business there is need for a | | | | - Accuracy in Accounting is critical - One would |
| level of accountability to ensure your life or | | | | rather not have accounting information that |
| business is governed above board. Accounting is | | | | accumulate papers which are not accurate. With |
| part of the business systems every business | | | | wrong data, wrong decisions are made. No one |
| must have to help manage the resources and | | | | can be brought to account. It is costly to make |
| processes. You can only tell the health of the | | | | decisions based on incomplete or wrong |
| company if you have the correct Accounting | | | | information. |
| system in place. One of the reason behind the | | | | - Accountability is for the entire workforce - |
| failure of some businesses is the fact that there | | | | Sometimes people assume that the finance |
| is minimal or no accountability of the leaders to | | | | people by virtue of dealing with accounts need to |
| the board or the board to the employees and so | | | | be accountable. Everyone has to account for |
| on. If no one can be held responsible for the | | | | what they do, how they do it and why. |
| business' performance then that business suffers | | | | - Accountability is pivotal for proper corporate |
| from stunted growth. | | | | governance - There can never be proper |
| - Accounting enhances accountability - Accounting | | | | governance of a business without clear |
| produces the much needed financial performance | | | | accountability structures. |
| reporting which the Directors can use to bring | | | | I have watched over the years that situations |
| employees to account. We can easily tell the level | | | | where I have refused to be accountable, I have |
| of performance of a leader by simply analyzing | | | | slowed down in making the desired progress in life. |
| the profit they managed to make in a month | | | | I remember when I would keep to myself with |
| through the strict accounting policies. | | | | no one that could speak into my life, at that point |
| - Accounting tells the health of a business - | | | | I did the most mischievous things in life. Why not? |
| Before any investor gets involved in a business, | | | | I had no one who could look at me sternly in the |
| they check the health status of the business they | | | | face and tell me as it is. My wife taught me how |
| are about to invest in. This happens when the | | | | accountability can be achieved through accounting |
| accounting system produces the reports. | | | | with the way she handled family accounting issues |
| sometimes the financials are published in the press | | | | to the last cent. She is one very accountable |
| and signed off by the company secretary who | | | | person I know. Sadly, I still lag behind in this area. I |
| then assumes full or total responsibility or | | | | spend first and sometimes forget to keep those |
| accountability for the correctness of the | | | | concerned informed about my financial actions. |
| information. | | | | |