Accountancy is the process of recording, classifying, and summarizing financial transactions to provide useful information for decision-making. It involves preparing financial statements, such as balance sheets and income statements, which reflect the financial health of an organization. Accountants, who are professionals in this field, ensure that financial records are accurate and comply with laws and regulations. They play a crucial role in helping businesses manage their finances, plan budgets, and assess performance, ultimately contributing to informed financial decisions and strategic planning.