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NEFFEXOFFICIALLIMETIN
Answered

what are the reasons to keep good financial record for business​

Sagot :

HANSEOJOON29IN

Answer:

Good records will help you do the following:

Monitor the progress of your business.

Prepare your financial statements.

Identify sources of your income.

Keep track of your deductible expenses.

Keep track of your basis in property.

Prepare your tax returns.

Support items reported on your tax returns.

MARL08IN

There are several reasons for keeping financial records and getting help from a bookkeeper:

1. Knowing Your Financial Situation

-You need to know where your company stands daily, weekly, monthly, quarterly and annually.

2. Meeting Your Tax Obligations

-You are responsible for meeting your monthly, quarterly and annual federal, state and city tax obligations.

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