Even minor errors in bookkeeping and accounting can have long-term consequences for your company’s financial health. For example, improper cost tracking might lead to inaccurate predictions, resulting in project losses. Accounting is more than just a set of documents that you use to keep track of your costs and profits internally. Proper accounting is essential, be it for documenting transactions or preparing financial records for the period, or filing taxes. Financial compliance is necessary, and failure to do so could result in heavy fines or possibly the seizure of your business.