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3 Key Reasons A Business Needs To Keep Books
| Guest post by: Stephanie Horne |
Article Overview: What are the main reasons a business needs to keep books? If I were to have to narrow it down in level of importance, I would Have to say the 3 key reasons for bookkeeping are:
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3 Key Reasons A Business Needs To Keep Books
What are the main reasons a business needs to keep books? I would have to say the 3 key reasons for bookkeeping are:
1)
One of the main reasons a business needs to keep books is so that the
business owner has an accurate record of the totals of all income and
expenses of the year for the reporting of annual income taxes.
It is extremely important to maintain good accounting records in case
of an audit. Unfortunately, audits do occasionally happen whether you
are doing what you're supposed to or not. However, there is no need to
fear an audit if you are maintaining good daily records.
2) Another reason for bookkeeping
is in order to help determine where the company may be able to cut back
on expenditures in order to increase it's cash flow. More money anyone?
Indeed, increasing cash flow is always a high priority and a very good
thing in any business! It is good practice to review monthly business financial statements such as the balance sheet and profit and loss statement and take a good hard look at any excessive spending that can be reduced.
3)
Finally, a business may need to keep books for bank reconciliations and
knowing how much money the business has at any given time in order to
be able to stay current on accounts payable.
If you don't know how much money you have at any given moment, how are
you supposed to be able to maintain being able to pay your vendors in a
timely manner?
Please consider the above 3 key reasons a business needs to keep books and be well in all your endeavors!
Stephanie at www.Bookkeeping-Basics.net
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Article Tags: accounting, accounts payable, balance sheet, bookkeeping, books, business, income taxes, key reasons, online store, profit and loss statements
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About the Author: Stephanie Horne RSS for Stephanie's articles - Visit Stephanie's website My company, Horne Financial Services, offers a wide range of bookkeeping services while my website is a great resource full of bookkeeping tips that can help save you money, including an online store offering great discounts on bookkeeping software and bookkeeping supplies as well as an accounting definitions glossary and a bookkeeping questions and answers forum. Below are the services that I offer to my clients along with a brief description. As the list below is by no means all-inclusive, please feel free to inquire about a bookkeeping service if you do not see it listed. If it is not a service I provide, I would be happy to refer you to a qualified professional. * Online Tax Preparation * Tax Services * Bookkeeping/Write-Up Profit and Loss Statement * Balance Sheet * Financial Forecasts & Projections * Cash Flow & Budgeting Analysis * Compilations * Accounts Payable * Accounts Receivable. For more information please visit my Bookkeeping FAQ page. Thank you and all the best to you! Click here to visit Stephanie's website   Free Online Bookkeeping Course Webmaster Business Course |
Related Forum Posts
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Top 19 Copywriting books
- 1. Ogilvy on Advertising. David Ogilvy. Wiley.
2. Positioning: The Battle for your Mind. Al Ries and Jack Trout. Warner.
3. The New Positioning. Jack Trout. McGraw-Hill.
4. Tested Advertising Methods. John Caples. Prentice-Hall.
5. How to Make your Advertising Make Money. John Caples. Prentice-Hall.
6. Guerrilla Advertising. Jay Conrad Levinson. Houghton Mifflin.
7. Direct Mail Copy that Sells. Herschell Gordon Lewis. Prentice-Hall.
8. Sales Letters that Sizzle. Herschell Gordon Lewis. NTC Business Books.
9. Herschell Gordon Lewis on the Art of Writing Copy. Herschell Gordon Lewis. Prentice-Hall.
10. Romancing the Brand. David Martin. American Management Association.
11. The Art of Writing Advertising: Conversations with William Bernbach, Leo Burnett, George Gribbin, David Ogilvy, Rosser Reeves. NTC Business Books.
12. Confessions of an Advertising Man. David Ogilvy. NTC Business Books.
13. My Life in Advertising. Claude Hopkins. NTC Business Books.
14. Scientific Advertising. Claude Hopkins. NTC Business Books.
15. How to Become an Advertising Man. James Webb Young. NTC Business Books.
16. The Lasker Story as He Told It. NTC Business Books.
17. Advertising Concept and Copy. George Felton. Prentice Hall.
18. The Copy WorkShop Workbook. Bruce Bendinger. The Copy Workshop.
19. Hey, Whipple, Squeeze This: A Guide to Creating Great Ads. Luke Sullivan. Wiley.
This should keep you busy for at least a year.
Enjoy!
Re: How do you budget your life?
- Here is my financial management categories for today:
15% Long Term Savings;
10% Home Expenses;
45% Business and Marketing charges;
10% Friends (Meeting);
20$ Scientific and Law Books.
But this will change when it is August or September.
Orxan
New Business
- Hi Guys,
My name is Felix Trogare. I´m a student of Philosophy at New York University. My new small Business is a Books Seller on Internet. Anybody could buy with a credit card books of any topic related with academic topics in all areas. I want to learn about strategies for made my company popular in Google. Do you have some special tips?
Thanks for your help!
Felix Trogare
Philosopher
New York jous
Re: 10 Reasons Who Startups Fail & Book Recommendations
- Great post,but please edit the headline. I presume it is "10 Reasons Why Startups Fail & Book Recommendation
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