Introduction Accounting isn't the most glamorous part of running a business. Most business owners would rather spend their time running and developing their business. But accounting is important. Without it, a business may never reach its full potential and a lack of proper accounting could even create legal or tax problems that could easily have been avoided. Not to mention that without accounting a business wouldn't be able to deter- mine if it's making a profit or loss. Accounting is often seen as a complex and technical subject understood only by those who have completed accounting qualifications or business degrees. But, we all do some kind of accounting in our daily lives ­ for example, we plan our purchases and expenses according to our budget. In business, no matter how complex accounting becomes, there are