First is to clearly know the financial position of themselves
Second is to show to the regulating authority(government) that the business is conducted in a fair manner and taxes are paid accordingly.
From manually prepared bills/statements to automated billing/reporting, many softwares have come into existence to make Accounting an automated process.
In this case, the professional is expected to be well versed with current Accounting practices as well as the technologies used. This necessitates highly skilled professionals to take charge of this revolution.