The Importance of Record Keeping
The saskatoon accountant of any corporation tell the story of the company itself, both the good and bad, and where changes could be made to make things better. Revenue statements reveal the company’s current status, while the balance sheet creates a historical picture of the company's assets, liabilities, and equity over time. On the other hand, recordkeeping is critical for building a complete image and letting owners know exactly where they stand. Business owners may choose whatever recording method is appropriate for their business as long as it accurately displays income and expenses. Unless there are a few exceptions, the law does not require any particular form of recordkeeping. It really is about recording as much as possible, as accurately as possible. Continue reading to find out why record keeping is critical to your business's success! Accurate record-keeping will allow business owners to: 1. Properly Prepare Tax Filings and Returns: Accurate records