This document discusses institutionalizing water accounting in order to better manage water resources. It provides an overview of the International Water Management Institute (IWMI), which conducts research on innovative water solutions. Water scarcity is a growing challenge in many regions. Water accounting can help fill information gaps and support decision making by regularly reporting on water availability, use, rights, and changes over time. It discusses elements like temporal and spatial scales to consider. The benefits of water accounting include increased transparency, comparable data to guide policies, and improved awareness. Institutionalizing water accounting requires establishing purposes, data sources, stakeholders, and aligning with existing policies and plans. It is a collective effort that can help answer key questions about water management and allocation.