What is White Balancing?
The white balance setting on your camera adjusts colours to the colour of your light source so that white objects appear white. In other words, your white balance tells your camera what you expect the colour temperature of the scene to be. White balance is important in order to take images with precise and accurate colours. If the camera is set to auto, it will pick the setting as best as it can.
In the example on this page, you can see the difference adjusting your white balance can make in showing the true colour of the scene.
An LED strobe or lamp often emits light at a certain colour temperature, usually five thousand kelvin (5000K), similar to sunlight.