Is it mandatory that a business practice the business acts of bookkeeping.

[TOZZIBLINKZ]

Sometimes when I buy a particular goods or product or get rendered a particular services from a petty trader or a Petit service provider I usually notice that they do not practice the act of bookkeeping all what they are after is to collect the money which is earned as a result of selling the goods or rendering the services . This is absolutely bad and inhumane to the growth and welfare of your business , it is commendable and congratulated to see how majority of businesses have put into their custody to practice the business act of bookkeeping . Such business have the potential to reach higher heights thereby also skyrocketing because they will be able to make proper and accurate business decisions according to what is seen in the business books of account .

It is absolutely mandatory that a business no matter whether in large-scale or small-scale practice the business act of bookkeeping , because they are an inexhaustible benefits of why business bookkeeping is important to business , in other words the benefits of practicing bookkeeping to a business is inexhaustible mentioned . But for one benefit , it helps the business to make accurate and proper business decisions and ideas , secondly it helps the business knows which area it has improved and which area to possibly improve so as to reach higher heights .

 

[Abigael]

It is very important indeed that a business does proper book keeping. It will benefit the business alot because book keeping does keep the business running well without any problems. Here are some benefits of book keeping for a business;

1. It makes the business so orderly because they know exactly the sales they make daily and what profits they are making. Which will make the business look neat and well planned.
2. It keeps the employees accountable so as to be transparent about what the sell and the amount of money they get. This helps reduce cases of employees stealing from the business.
3. It gives the business a guideline on how to make goals and objectives in business. This is because book keeping shows how much profit the business potentially makes. So the employer can give employees targets based on that.
4. It enables the business to recognize failure and loss before it is too late. That way, they can look for strategies to stop loss as soon as possible. Even when loss has happened, they are able to tract it so as to know where to make changes.
5. It indicates when the business is most profitable. That way, they can check on what things they are doing well so that they can focus on doing more of those.

 

[CALVINDOL]

I have always emphasized how important it is that a business practice bookkeeping . Bookkeeping is considered to be a virtue in business and when bookkeeping is practice a particular business owner could be able to track and keep in mind how far his or her business is faring . The business owner as a result of his business bookkeeping would totally be able to know which areas of his business that he has actually tried and which area he or she need to improve . No business is absolutely perfect that is why from time to time business will always make mistakes but it totally matters how you respond to this mistakes and to be able to respond to business mistakes and errors figures and amount recorded in the business books of account could actually go a long way to help a business heal .

It is absolutely one thing to practice the act of bookkeeping in business and it is also another thing to analyse and accurately formulate the business books of account of a particular business . It is absolutely mandatory that a business owner properly and accurately analyse his business books of account so as to make good and proper business decisions and ideas .