Record keeping is the responsibility and the organised way of practically keeping record is called Accounting. Accounting helps to maintain the balance of receipts and payments. The cost of assets though could be based on historical prices and also may be all the record keeping belongs to the past but at the same time it tells you about the trend of your input and output.

By looking into this trend and current information, you can forecast the future. On the other hand you can adopt the revaluation model while maintaining accounting record so that at the same time you would be able to see the current worth of your investment and business worth. So, Accounting could be very useful if you are using the historical information in conjunction with the current one to understand and plan the future.