Importance of Keeping Accurate Accounting Records
Keeping accurate accounting records allows a business to be able to:
• Prepare your financial statements quickly and accurately.
• Provide information to enable the control of cash in the business.
• Provide management information to base business decisions on.
• Contribute promptly to assessing the financial situation of the business at any time.
• Keep a good track of the costs of staff and their performance.
• Measure the business performance against the projections in the business plan.
• Highlight quickly areas where problems could arise and enable remedies to be put in place.
• Fulfil tax obligations.
• Assist you in calculating how much tax you have to pay.
• Assist in providing information required by your bankers.
• Help in detecting thefts within the business itself.
• Provide valuable information and details for the future sale of your business.
• Increase the chances of the business operating and achieving success.
• Prepare your financial statements quickly and accurately.
• Provide information to enable the control of cash in the business.
• Provide management information to base business decisions on.
• Contribute promptly to assessing the financial situation of the business at any time.
• Keep a good track of the costs of staff and their performance.
• Measure the business performance against the projections in the business plan.
• Highlight quickly areas where problems could arise and enable remedies to be put in place.
• Fulfil tax obligations.
• Assist you in calculating how much tax you have to pay.
• Assist in providing information required by your bankers.
• Help in detecting thefts within the business itself.
• Provide valuable information and details for the future sale of your business.
• Increase the chances of the business operating and achieving success.