The end of month close accounting process is important for maintaining accurate financial records, enabling timely decision making, ensuring compliance with regulations, enhancing internal controls, and facilitating performance evaluation and planning.

A chart of accounts is a structured list of all the financial accounts used by a company or organization to record its financial transactions.

Many of us find the task of budgeting boring or challenging because it involves working with numbers. However, it's important to set a business budget accurately using actual figures rather than guessing.