Keeping Records

4 Benefits of Keeping Records

  1. Records help to plan ahead.
    You may conduct analysis to identify profitable sources of income, compare performance in different periods, and help you prepare budgets and forecasts.
  2. Records help to save in taxes
    Proper documentation of deductible expenses allows to claim input tax credits, and reduce taxable income.
  3. Records keep you informed about the financial position of your business.
    Records allow to identify profit or loss of your business operations.
  4. Proper records may help you get loans from creditors.
    Creditors need accurate historical information about the financial performance of your business to process your loan application.