If you have done something wrong and you admit it, you have gone a long way towards putting things right again. By acknowledging your mistakes or wrongdoings, you have taken the first step towards making amends and reconciling with those you have wronged.
The proverb emphasizes the importance of admitting one’s mistakes and taking responsibility for them in order to begin the process of making things right.
The proverb originated from a saying recorded from the mid-17th century, which was attributed to the Irish statesman and philosopher Edmund Burke.