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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   Webmaster Business Course Free Online Bookkeeping Course |
Related Forum Posts
Re: What are reasons to stay in touch with your customers?
- Hi Everyone,
Thank you all for your answers, but I think my question was misinterpreted (I probably should have phrased it better). While staying in touch with customers is vital to any business' success, what I really wanted to know was... what are some of the reasons/excuses to contact your customer to say "thank you" or to just stay in touch. For instance, if your customer has been shopping with your business for 1 year or has spent "x" amount of dollars with your business or it's his/her birthday... what are some other reasons?
Thanks
I Agree...
- ...with Evan.
I love how you have written so many fabulous books (the 365 manager things is one I wish I'd written!). The business books need to be on their own page and driving traffic through that channel will maximize exposure and relevance too.
I also love the photos of nature on your books, and I want your Avatar!
Thanks for sharing!
What Are Your Reading Habits?
- I'm a reader. I read for information, I read for relaxation. I read for work - I do reviews for my various websites.
My question here is, for each of you, what books, if any, did you read [i:2fkc4948]before [/i:2fkc4948]you started up your business - that you chose because you were doing research, etc.
[i:2fkc4948]Did [/i:2fkc4948]you do any research beforehand?
And today, now that your business is established, what books do you read? Are you actively in search of new books on ways to do things better, or now that your business is successful, do you no longer bother to keep up with the current fads in management, etc. etc.
Re: Blog Talk Radio
- [quote="BuzzAroundBooks":8lxd7hlg]
Hi Shri,
As a suggestion, perhaps you could structure your radio show to cover 4 specific book genres every month by interviewing one author per week? For instance, Week 1 would always be business books, while Week 2 could be romance works, then Week 3 is mystery, etc.
I think having a set routine will help to build loyal listeners over randomly having a new author from any genre each week.[/quote:8lxd7hlg]
I could do that, but I'm using the show as another avenue to promote my clients and the topics they need to highlight are varied each month. Their books will dictate part of what I feature each month. There are other people that I will work in as time allows and they are chosen for a variety of reasons. So, the show is part of the overall promotional campaign that I'm creating for clients.
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Re: 20 Reasons why you must be a reader
- Hi there,
It is quite amazing that ten days ago you wrote this post and still wait for responses.
I am sure virtually nobody comes to this forum who does not read, so come on help 'ideasprosperity' and list the 20 reasons we benefit by reading books.
Reason no 2: We can learn from the successful people what to do and what not to do.
(There is so much information on this subject on Evancarmichael)
Reason no 3: ............????
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