Stephanie Fan's Blog

Most people would not list mathematics as their top, favourite subject however it plays a crucial role in the business world.  In a business, both the marketing and the accounting sectors are interconnected.  Marketing is vital as they need to develop a plan of how to promote a certain product or service however they depend on the Accounting department to provide numbers and budgets as to outline the restrictions for the implementation.  One without the other will not function.

Now, focusing on the Accounting sector, there are two separate branches: Financial Accounting, Management Accounting.  Financial Accounting is more based on recording the past while Management Accounting focuses on the internal process of the company and is produced for managers.

Certain businesses, especially when they have just started, do not realize the importance of accounting and that it could be very beneficial to seek professional advice from certified Accountants.  Mario Costa, a partner in Shpak & Co., would agree that although accounting software is readily available, “[they are] not going to tell you, ‘Oh you have a problem over here.’ It just processes the numbers”.

Another excellent example would be Andrew Wasson, the owner of Creative Guitar Studio.  Mr. Wasson admits to using accounting software however he does pay occasional visits to his accountant for the past 18 years which shows to be very effective as his business has started to expand internationally.  Thus, although I would agree that I am no fan of numbers, they are definitely a very useful tool in the business world.

http://www.theglobeandmail.com/report-on-business/your-business/business-categories/financial-management/a-crunch-too-far-when-to-call-an-accountant/article1769391/