Regardless of the size of the company, preparing financial statements to ascertain the performance and financial stature of a company is extremely important to get enormous implications for the company’s performance, creditworthiness, and goodwill . Overcome the challenges posed by various factors such as competition, increasing raw material and operational cost, and the emergence of new compliance requirements from time to time. Financial accounting will help you with the following , You can understand if you need to improve your performance It will help you strategize your financial operations A well-realized financial accounting report will improve your credit-worthiness It will show the industry that you are performing well.