Accounting is an activity in which money transactions are recorded, summarised and analysed so as to produce information for a variety of purposes.

These purposes include but not limited to:

• Making decisions of a financial nature

• Tracking and keeping control of the movement of money

• Working out how best to accumulate more wealth

• Providing information to the Taxation Office

Accounting is a vital and necessary process for businesses and individuals. Poor accounting processes most often leads to financial disaster.