The main benefits or advantages of financial accounting can be expressed as follows:
1. Systematic Maintenance Of Financial Records
Financial accounting maintains systematic and up-to-date recording of financial transactions of the business. It provides complete and accurate financial data at any time when needed.
2. Helps To Ascertain Results Of Operations
Financial accounting provides financial information in terms of profit and loss of the business. So, it helps to ascertain results of operations at the end of the financial year by preparing income statement.
3. Helps To Prepare Financial Statements
Trading account, profit and loss account and balance sheet are prepared by using the data provided by financial accounting. So, it plays a vital role to prepare financial statements of the business firm.
4. Helps To Reveal Financial Position
It helps to reveal the financial position of the company by preparing balance sheet at the end of the accounting period. 
5. Helps To Report Past Performance And Future Prospect
Financial accounting helps to prepare financial statements at the end of the year. It helps to report factual information to the shareholders and other users about the past performance and future prospect of the company.
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6. Facilitates Debt Collection And Payment
List of debtors and creditors are maintained by financial accounting. It helps to timely collection of debt and arrangement of amount payable to the creditors.
7. Suitable For Large Business
Financial accounting is scientific and systematic system of recording and summarizing business transactions. It is very suitable for large business organizations with large number of financial transactions.
8. Maintain Public Faith And Goodwill
Financial accounting provides correct and adequate information about business transaction, financial position, debtors, creditors etc. by preparing financial statements. Shareholders and other users of financial information get clear information about the company. It helps to improve company's image, maintain public faith and goodwill of the firm.
