Beyond compliance.
WHAT IT IS
Recording money in and money out, consistently.
WHY BUSINESSES DO IT
Because they must, for filing and tax.
WHY THEY SHOULD
To know whether they are making money.
WHAT MOST SMALL BUSINESSES CANNOT ANSWER
Whether a particular product or service is profitable What their actual costs are How much cash they will have next month Which customers owe them money
WHY NOT
No records, or records too disorganised to answer.
WHAT GOOD RECORDS ENABLE
Knowing your position Pricing correctly Chasing what you are owed Filing accurately Proving what you claim
WHAT POOR RECORDS COST
Penalties Overpaid or underpaid tax Decisions made blindly Expensive reconstruction at filing time
IMPORTANT NOTE
This category is general information, not accounting or tax advice.
Take advice from a qualified accountant for your circumstances.
