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Using accounting information is important for determining how much a business is worth. This generally helps when someone wants to buy or sell the business. You can even figure out the value of the business and decide on a fair price for it by looking at the accounting information.The accurate recording of accounting transactions generally eliminates the necessity to rely on memory for recalling transactions. Thus, maintaining proper accounting records not only saves time and effort but also enhances the efficiency and effectiveness of financial management. When a company is public, it needs to tell its stakeholders how it's doing financially. The company's accounting department creates a report that is shared with shareholders to show all the financial information. Therefore, following good accounting practices makes shareholders trust the management team more as they can see exactly where the company is doing well and where it needs to improve.