Accounting knowledge and skills are vital in tracking how your business is performing and measuring financial health. You'll be able to budget, make decisions and plan for the future based on solid information. Complying with laws and contract terms is also a necessity — especially when it comes to taxes, pensions, insurance, and other issues. When it comes to dealing with lenders and investors, having reliable financial statements is a must. Accounting is so fundamental to your business that accounting skills testing should not be skipped in your hiring process.