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The Importance of keeping accounting records

8/19/2018

3 Comments

 
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Today we will talk about another advice to improve your business: The need of keeping detailed records.
 
The registers - Accounting books - in which we record quantitatively all the commercial and operational operations of our businesses, in chronological and orderly manner, have the purpose of showing us the financial situation of the company at any time of the year and its results allow us to make the right decisions.
 
Example: when reviewing how much it costs you to produce a certain article, you can see if the sales prices are adequate and the sales have a favorable economic result. Thus, we can analyze different areas such as: cost of services, prices, reduction of expenses, to which products / services we should dedicate more attention and the ones we must even eliminate since they are not profitable at all.
 
"During a fiscal year there are a lot of economic movements. Beyond the income and expenses of the company, all properties and assets owned by a company must be taken into account, so it is not enough to keep a record of the movements in the company's account in an Excel file "(Judith de Quipu)
 
When keeping records is important that you keep track of all your bank accounts and credit cards movements, as well as your Account Receivables and Accounts Payables cycle. It’s possible that you have money in your savings account, but you owe must of the funds to third parties: CRA, vendors, Credit Cards balances, that is then an indicator that you need to plan better with cash flows, collect the money your clients owe you and even increase your sales!
 
It is also important to maintain detailed records that can demonstrate that our income and expenses are adequate when filing tax returns. In this way we avoid paying penalties and more taxes than we really need.
 
I hope your records are up to date!
 
Your comments are welcome!


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3 Comments
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6/14/2019 10:09:43 pm

Keeping accounting records is, indeed, important to any business. First of all, accounting records allow you to keep tabs on your expenditures. If you do not have these records, then you will probably have trouble about where your revenues go. If you ask me, it is nice to invest in people who have great skills concerning this task. If you want to make your business as efficient as possible, then I suggest that you take an interest in proper accounting.

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1/24/2023 01:17:08 pm

Thank you for sharing this.

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    Author

    Dayani Castro, was born in Cuba, and is a proud Canadian citizen who pay her fare share on taxes and likes to contribute to the economy.

    In her own words: "I am from Cuba, moved to Canada 10 years ago with my daughter and we love it here. Won't go into politics but I took the decision to up-root my family to find better opportunities for my daughter to become a powerful and an independent woman. I open my bookkeeping and tax business 5 years ago, and love helping immigrants - specially women - navigate the process of creating and growing their business. As a single mom, immigrant an entrepreneur I recognize the importance of a supporting and loyal community when you need to start from Zero and build your dreams in your new country."

    Dayani's vision is to help as many immigrants as possible to create thriving business, giving them the opportunity to be independent, give back to the society and create new jobs.

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