It is vital that you keep good and well organised financial records. These are both for good business reasons and your legal obligations for taxation.
You do not have to be competent at accounts as you can employ the services of an accountant or probably better a bookkeeper for most purposes to help you keep your records up to date.”
He goes on to explain the importance of correctly recording income and expenses.
This article was intended to stress the importance of keeping accurate records to individuals aspiring to start their home based businesses or who have just done so; the budding entrepreneurs. But, it is a reminder to the more established entrepreneur as well, as to the importance of keeping good records. Doing so will ensure that you are compliant with the relevant authorities but, more importantly will make sure that you have the data to monitor and control your business.
So, what is the state of your accounting records? Do you know your numbers?