So we must have a system of keeping track of electrons in a chemical reaction. Well, is that not what "charge" does? If an element gains electron, it become an anion with a "negative" charge (i.e. 1- charge). Or an element can lose electrons to become a cation with a "positive charge" (i.e. 1+ charge). Yes, that is correct but it does not explain all substances. What about when electrons are shared by 2 element (like in a chemical bond). These elements in the molecular compounds (or polyatomic ion) do not have charge since they did not lose or gain electron, the electrons are being shared.
So to be able to incorporate sharing electron substances, we have invented a new electron accounting system called, Oxidation Number.