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Book-keeping and it effect on a business
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[QUOTE="Caramelle, post: 206579, member: 150"] [JUSTIFY]Bookkeeping is one of the administrative activities that businesses have to do regularly. Our tax authorities require company books to be updated on a daily basis. Sales, collections, and disbursements are supposed to be recorded daily and posted on a monthly basis to the general ledger. Books also need to be updated to enable proper and timely reporting of sales and taxes to the government. Accounting records are used as references for the computation of monthly, quarterly, and annual tax reporting and remittances. Beyond tax requirements, businesses will benefit much from well-kept and updated records because they provide much-needed information for making timely and informed decisions. Accounting records will tell business owners the results of the business operations for a given period. Income statements provide information on the profitability of the business while statements of financial position provide information about the company's stability, solvency, and liquidity. Cash flow statements provide information about how the funds of the business are obtained and used. Businesses are required to submit these financial statements to regulatory agencies for monitoring purposes as well as computation of appropriate fees for licenses to operate. All of these reports are anchored on the company's bookkeeping systems and methods. Bookkeeping should be handled by an employee who is skilled in the art of analyzing, recording, summarizing, and reporting transactions. It may also be outsourced to a third party who possesses expertise in the entire facets of bookkeeping and accounting. [/JUSTIFY] [/QUOTE]
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Book-keeping and it effect on a business
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