The importance of financial accounting in business management
DOI:
https://doi.org/10.36881/ri.v9i1.1129Keywords:
financial accounting, business management, decision-making, financial statements, accountabilityAbstract
Financial accounting provides a structured framework for presenting information on an organization's economic operations, allowing internal and external users to understand its financial situation. The objective of this study is to describe the role that financial accounting plays in the organization and management of company resources, considering its main functions, scope, and formal limitations. The study is qualitative, descriptive, and documentary-based, based on the analysis of specialized literature, primarily in English. The data collection technique was a systematic document review, with selection criteria that prioritized thematic relevance, authority, validity, and availability in academic databases. It also included classic sources to support the theoretical foundations. The results indicate that financial accounting plays a structural and strategic role by recording economic operations in a standardized manner and providing information for managerial decision-making, strengthening transparency, accountability, and institutional trust. However, its traditional model has limitations in that it does not incorporate qualitative factors or immediately reflect environmental results, which requires complementary analysis.
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