The need for record keeping. Why is it important to keep records? 1. Provides Necessary Financial records Increase efficiency Increase Profitability.

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Presentation transcript:

The need for record keeping

Why is it important to keep records? 1. Provides Necessary Financial records Increase efficiency Increase Profitability

Why is it important to keep records? 2. Essential for the preparation of financial documents Income Statement (Profit/Loss) Cash flow projections Needed to maintain relations with banker Present a complete picture of your total business operation

Why is it important to keep records? 3. Taxes Poor records result in overpaying or underpaying Records are essential in an IRS audit To defend yourself & answer questions to the satisfaction of the IRS

Why is it important to keep records? 4. Good records will also allow you to apply for FFA degrees and awards.