Every business and every individual needs to have some kind of accounting system in their lives. Otherwise, the finances can get away from them; they don't know what they've spent, or whether they can expect a profit or a loss from their business.

Staying on top of accounting, whether it's for a multi-billion dollar business or for a personal checking account is a necessary activity on a daily basis if you're smart. Not doing so can mean anything from a bounced check or posting a loss to a company's shareholders. Both scenarios can be equally devastating.