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For the small business owner it is important to note that just like how good record keeping practices support a positive management function and decision making process, poor record keeping practices can lead to negative consequences, including the making of poor business decisions.
Therefore, in-order to get an accurate measure of an entity’s performance and financial position, adequate records are necessary.
Poor record keeping may result in missed sale opportunity or profitability targets, cash-flow issues, mismanaged funds or exhausted budgets.
Records provide a basis for sound business decisions. If the small business owner is relying on missing or inaccurate records, they risk making ill-advised strategic decisions.
As a small business owner, you may have to produce records at the request of investors, customers, vendors, employees and even the IRS.
Without records in place, the information retrieval process can be long and daunting and may even halt the business growth and forward progress. The IRS may also assess up to a 20 % negligence penalty.
Among other things records are important for resource tracing, control and protection. It’s a well-known fact that without records in place, assets can be easily stolen.
It is imperative that small business owners keep adequate records from the beginning.
In some cases, small business owners may be forced to file for bankruptcy or shut their doors.
User | 24/09/2021