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Is there any danger attached to poor business record keeping?
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[QUOTE="Holicent, post: 287920, member: 76163"] The short answer is yes, there is. When you open a business, you have to have a way to record your sales and expenses so that you can figure out how much money is coming in and going out. If you don't keep good records, it can be tough to make sense of what's happening with your profits or losses. And if you make mistakes when recording transactions or calculating taxes, it could cost you big time. The best way to avoid these problems is to start keeping records from the very beginning of your business. Here are some tips for doing that: Keep track of all cash receipts and expenses in a notebook or diary. Write down invoices for everything that comes into your business — even if they're small purchases like pens or paper clips. You'll need those invoices later when calculating your taxes. Record any payments received by cheque or credit card immediately — even if they're just small ones like $5 or $20. You'll need these numbers too when figuring out your profit/loss statement at tax time. [/QUOTE]
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Is there any danger attached to poor business record keeping?
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