Running a business is a daunting task. Operations and marketing usually consume most of the business owners’ time and energy. Although equally as important, tasks like accounting, payroll record keeping, income taxes are set aside. This becomes a problem later on, especially, during tax season.
Keeping good accounting records gives you good information for day to day business decisions. It tells you likewise on what to do for you to achieve your goals in the future.
Am I making money? In a business owners’ mind, they have a general idea. But if you ask them, how much? There will be no definite answer. They are not sure. That’s because they do not have good accounting records or even maybe, they do not have one.