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Entrepreneurs are usually so focused on the product or service they are offering the market that managing finances comes a distant second to them. No matter how small, every company has a duty to prepare a set of accounts which report on the company’s performance and activities during the financial year. As a business owner, pursuant to the Law, you shall have the obligation to keep proper business books and records for the purpose of taxation. The taxes have to be calculated correctly in the legally regulated term. You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. You must keep your records at least for seven years. The records relating to property have to be kept until the period of limitations expires for the year in which you dispose of the property in a taxable disposition.
You can be assured when you select Bee On Duty you are selecting a premier solution of your administrative obligations. Bee On Duty is a tax consultant who helps you to handle all of your tax affairs and set up a proper financial administration.
You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make. Good records can increase the likelihood of business success. It’s easier to prepare accurate financial statements.
You keep purchases, sales, payroll, and other transactions you have in your business generate supporting documents. Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These documents contain information you need to record in your books.
It is important to keep these documents because they support the entries in your books and on your tax return. Keep them in an orderly fashion and in a safe place. For instance, organize them by year and type of income or expense.