The functions of accounting are essential for any business to keep track of its financial transactions and make informed decisions. Here are the main functions of accounting:

1. Recording financial transactions: This is the most basic function of accounting, which involves keeping an accurate record of all financial transactions made by a business. This information is then used to prepare financial statements that are often required by law.

2. Tracking financial data: Accounting tracks all financial data, including accounts receivable, accounts payable, payroll, inventory management, and budgeting.

3. Reporting financial information: The accounting department is responsible for producing accurate financial statements to assist with monthly forecasts and end-of-year reports. These statements include the balance sheet, income statement, and cash flow statement.

4. Analyzing financial data: Accountants analyze and interpret financial data to help business leaders make informed decisions. This includes evaluating employee performance, maximizing efficiency, and checking for errors or fraud in the system.

5. Budgeting: Accountants are responsible for preparing and managing budgets to ensure that a business is operating within its financial means.

6. Legal compliance and financial control: The accounting department is tasked with tracking and staying compliant with relevant financial laws, including handling tax functions in the company.

7. Record-keeping: Accounting keeps an accurate record of all financial transactions made by a business, which is essential for auditing purposes.

In summary, the functions of accounting are to store and analyze financial information, oversee monetary transactions, and provide updated financial data for internal and external uses.