Impact accounting seeks to do just that by uniting the statements of an organisation’s financial health and performance with monetised impact accounts that reflect the organisation’s positive and negative impacts on employees, customers, the environment and the broader society.

Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions

In this way, accounting is fundamentally a social practice, which guides and influences the behavior of people in organizations and society, thereby impacting our lives, as well as organizational and social functioning and development