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Hello Class, Accounting is often referred to as the "language of business" because "it serves to communicate financial information about a company or organization. This vital function enables stakeholders, such as investors, creditors, and management, to understand a company's financial performance & position" (Shook, 2023). Financial standings say a lot about a business. When it comes to stakeholders, your financial standing tells them how well you are doing & where there are areas that the business could use to improve upon. If you are looking for investors, they will look at your financial record as a well to them whether or not your business would be a good investment. Having your bookkeeping and accounting taken care of is important, if your records are all mixed up it can be very detrimental for your business. Accounting is how you keep track of your money coming in and going out of your business. It is how you tell what you have money for and what you need to cut back on, without proper accounting your business can suffer greatly so it is important to ensure that businesses stay on top of it at all times.