Some advantages to Boss Farmer if he followed his friend's advice are Financial Information, Material for Financial Evaluation, as a Tool for Control and Financial Evidence, and as a Tool for Managing Finance.
Not just a bookkeeping technique that only includes recording transactions. The benefits of accounting are quite important for businesses that will have a major impact on the development of the business.
1. As Financial Information
The accounting process will provide financial information for parties who need it, both internal and external parties. This financial information can be used as a basis for making managerial decisions.
2. As Material for Financial Evaluation
By knowing financial information, the company can know what needs to be done in the future. For example, after making financial records, someone finds out that their finances are having problems because they are too wasteful in buying production materials.
3. As a Control Tool and Financial Evidence
Financial records that are done well will help in completing finances without second-guessing expenses. Accounting can also be a control tool to control finances. That way, the company has a basis for allocating its resources.
4. As a tool for managing finances
Financial records will greatly assist each party in managing their finances. Accounting, it can take into account various daily needs so that expenses do not swell.
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