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4 Benefits of Keeping Records
- 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.
- Records help to save in taxes
Proper documentation of deductible expenses allows to claim input tax credits, and reduce taxable income.
- Records keep you informed about the financial position of your business.
Records allow to identify profit or loss of your business operations.
- 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.