It is important for a business to know what assets are currently being used in the business, the physical state and condition of each fixed asset and where each fixed asset is located. It has become so detailed and massive that small businesses tend to need more help than just hiring a part time accountant to do the payroll, accounts payable, and receivables. In the real world it is the accruals accounting concept that prevents accounts and financial statements being prepared the day after the end of the accounting period. After getting an online accounting degree and you wish to improve your job opportunities, you may go on to become a certified public accountant, or Chartered Accountant. As off-the-shelf software packages, small business accounting is actually as easy as managing a personal check book.
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For any business of any size, accounting is critical to know where assets are, how money is being spent, and to be able to explain the business. But of course for the serious accounting work or for auditing you would need to call up your friendly neighbourhood CPA accountant or respected and qualified auditors instead of relying on rules of thumbs. Many businesses have cars on their fixed asset register although I doubt many are fortunate enough to own the Lotus Elan sports car, as pictured below. Small business houses generally are modest companies which are unable to afford to employ heavy account labour force. Outdoors of your books and for that reason helping you save time, and beyond getting understanding open to give helpful advice, an accountant knows the tax legislation in and out.
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