Anyone who's worked in an office at some point or another has had to go to the accounting department. The employees whom work in the accounting department are the ones that pay bills, invoice customers and generally keep the business running. They much more than this mind you. Although sometimes they are referred to as "bean counters", they also keep their eye on income, costs and cash flow. All businesses big and small, require some form of an accounting department.
No matter what business you're in, even if all you do is balance a checkbook, it is still considered accounting. Accounting is even part of children's lives in terms of saving an allowance or spending it all at once - these activities are still part of accounting principles.
What are some other businesses where accounting is critical? Well, farmers need to follow careful accounting procedures. Many of them run their farms year to year by taking loans to plant the crops. If it's a good year, a profitable one, then they can pay off their loan; if not, they might have to carry the loan over, and accrue more interest charges.
Every business and every individual needs to have some kind of accounting system in their lives. This is so because otherwise the expenses 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 activities that month. 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 showing a loss to a company's shareholders. Both scenarios can be equally devastating.
Accounting is basically recording and reporting financial information, and it this information that is relied on by any group having a vested interest in a business.
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