Is book keeping mandatory in a business

[Tinaconcept]

Book keeping can be defined as the act of planning, filing, documenting, reporting recording of the day to day activities of the business.
There are reasons why record should be kept in a business, these includes:
Taking stocks of available goods thereby helping you know the finished goods.
Book keeping will help the business owner take record of his or her customers details. This customers information will help in terms of returns or reaching out to customers.
The act of giving out receipt after payments is to keep record therefore book keeping.
Book keeping will also help the business owner know his or debtors and have their details in terms of collection.
To know the total amount of purchases and sales, total amount of cash received and most especially records of expenses.
With all this isn't book keeping mandatory for the growth of a business?

 

[Abee111]

Book keeping records all the activities,day to day records of the businesses. It helps to indicate whether the business is making it at a higher rate or lower, or it helps in knowing if the business is not making any profit from its production or sales.
So book keeping is very important and mandatory in a business to know your success in a particular business

 

[IamDozzy]

Book keeping can be defined as the act of planning, filing, documenting, reporting recording of the day to day activities of the business.
There are reasons why record should be kept in a business, these includes:
Taking stocks of available goods thereby helping you know the finished goods.
Book keeping will help the business owner take record of his or her customers details. This customers information will help in terms of returns or reaching out to customers.
The act of giving out receipt after payments is to keep record therefore book keeping.
Book keeping will also help the business owner know his or debtors and have their details in terms of collection.
To know the total amount of purchases and sales, total amount of cash received and most especially records of expenses.
With all this isn't book keeping mandatory for the growth of a business?

As you said book keeping is an act of filling, documenting and keeping records not day to day activities in the business and this invariably mean that it is very much important. With book keeping, the business owner would know his turnover, when he has made a profit or loss and he/she would be able to detect a missing item on time. Book keeping is very essential for all organizations because without it , some loan granting institutions would not want to give one a loan. Most financial institutions prefer using an organization financial statements to give out loans and this can be prepared through book keeping.

 

[Segat]

Book keeping gives details of all the activities done in a particular period of time maybe daily, weekly, fortnightly, monthly or yearly. It gives an idea of the state of growth in a business venture or organization. No matter how intelligent you maybe keeping books will help with accuracy.

 

[Chommyluv]

Book keeping can be defined as the act of planning, filing, documenting, reporting recording of the day to day activities of the business.
There are reasons why record should be kept in a business, these includes:
Taking stocks of available goods thereby helping you know the finished goods.
Book keeping will help the business owner take record of his or her customers details. This customers information will help in terms of returns or reaching out to customers.
The act of giving out receipt after payments is to keep record therefore book keeping.
Book keeping will also help the business owner know his or debtors and have their details in terms of collection.
To know the total amount of purchases and sales, total amount of cash received and most especially records of expenses.
With all this isn't book keeping mandatory for the growth of a business?

Book keeping its mandatory for the growth of every business. In fact no business can survive without adequate book keeping records, the daily sales, credit sales, debts, supply and demand of goods and services are all recorded and kept for reference purposes, tell me how can one remember the amount its debtor are owing and number of goods he ordered if book keeping record are not properly kept.

 

[eojo2401]

Book keeping is not mandatory but it is necessary. Nobody will compel you to keep records of you daily financial activities and documents them in line with accounting principle. But keeping records officially will make your business more presentable and give it more recognition as well as legal backing.

 

[Georgeadawara]

In the aspects of business is the issue of books keeping
If very important it helps you to now how the business moves.
And one of the things is that it will be good to have the record of what comes in and what goes out in the business or company. So keeping record make everything to be clear and tranparante.

 

[Daykas]

Book keeping can be defined as the act of planning, filing, documenting, reporting recording of the day to day activities of the business.
There are reasons why record should be kept in a business, these includes:
Taking stocks of available goods thereby helping you know the finished goods.
Book keeping will help the business owner take record of his or her customers details. This customers information will help in terms of returns or reaching out to customers.
The act of giving out receipt after payments is to keep record therefore book keeping.
Book keeping will also help the business owner know his or debtors and have their details in terms of collection.
To know the total amount of purchases and sales, total amount of cash received and most especially records of expenses.
With all this isn't book keeping mandatory for the growth of a business?

Book keeping will make your business to easy and straightforward.
It one of the essential things to do when you want a better future for your business.
I would even say book keeping is very very important for the growth of any business.
Just advice anyone who doesn't the value of book keeping to start it before it too late

 

[Victor001]

Book keeping gives daily assessment for data entry and analysis, some people will fill it's slow,it's outdated,they prefer digital copy.well they are many big companies that still resort to manual book keeping for storing information,the benefits can not be less emphasize. You may need an urgent information to settle discrepancy in data,such books will always come in hand.

 

[Deleted member 27126]

Book keeping can be defined as the act of planning, filing, documenting, reporting recording of the day to day activities of the business.
There are reasons why record should be kept in a business, these includes:
Taking stocks of available goods thereby helping you know the finished goods.
Book keeping will help the business owner take record of his or her customers details. This customers information will help in terms of returns or reaching out to customers.
The act of giving out receipt after payments is to keep record therefore book keeping.
Book keeping will also help the business owner know his or debtors and have their details in terms of collection.
To know the total amount of purchases and sales, total amount of cash received and most especially records of expenses.
With all this isn't book keeping mandatory for the growth of a business?

The concept of bookkeeping makes you financially accountable to your business. It is actually not a mandatory aspect of business as you cannot be sanctioned if you do not keep books of account of your business. But for the purpose of accountability, it is advisable that you keep proper books of account. This will enable you to easily evaluate your business to know how things have been going over the period the business has been started. Lest I forget, for a public company, it is mandatory!

 

[Alexandoy]

It depends on the type of business. For a small scale like selling barbecue in a stand by the side of the street it is easy to compute for the finances so I don't think bookkeeping is needed. For a retailing business like a store bookkeeping is required to help the entrepreneur keep track of the finances in relation to the operation.

 

[greatguy1]

Book keeping can be defined as the act of planning, filing, documenting, reporting recording of the day to day activities of the business.
There are reasons why record should be kept in a business, these includes:
Taking stocks of available goods thereby helping you know the finished goods.
Book keeping will help the business owner take record of his or her customers details. This customers information will help in terms of returns or reaching out to customers.
The act of giving out receipt after payments is to keep record therefore book keeping.
Book keeping will also help the business owner know his or debtors and have their details in terms of collection.
To know the total amount of purchases and sales, total amount of cash received and most especially records of expenses.
With all this isn't book keeping mandatory for the growth of a business?

Book keeping is important as it allows for taking of records that can easily be used for planning, research and future reference. We keep records in business so that we can take stock of happenings and know when or where things have gone right or wrong. Book keeping saves businesses.

 

[Mellorando]

This is hundred percent mandatory in a business every business owner should be able to keep track of day to day transactions of the business failure to do so would make the business environment more complicated and confusing