Accountability is the ability of a person or department to carry out tasks they are responsible for. It is a state of being accountable for money or entrusted property and be able to disclose them in a transparent manner. In a business sense, it is a quality that ensures organizations and profit ventures account for how resources are utilized in achieving set of objectives.
The aim of any business venture is to maximize profit, and this can be achieved only through a diligent means of financial control. Many businesses collapse due to financial impropriety and improper handling of money. Nigerian entrepreneurs have developed a hand-to-mouth approach of squandering business profits from sales, with no thought of future re-investments.
In other to ensure the business continued growth and stability, reinvestments are crucial. It doesn’t have to be all of your profits. A tangible amount of resources when utilized effectively would go a along way in expanding your company.
Most businesses in their early stages would need a consistent in-flow of funds, so as to improve growth till the business can compete favorably in the market.
This calls for a new breed of entrepreneurs who are adept in financial management, prudent in financial administration and can effectively manage resources. This is would to circumvent problems that may arise allowing the business owner save for unforeseeable problems.
In order to achieve this, it is necessary to invest in a good accounting software. Among its numerous benefits, a good accounting software helps business managers to track costs, expenses and profits conveniently. Probity Books is a simple, easy to use and cost effective accounting solution designed for companies in Nigeria. At great prices we hope to bring functionality to your business, allowing you to plan and manage with little stress.