You arrive at work this morning and look around with a sense of accomplishment. From the start, you've done everything right. You conducted meaningful market research. Your product is in demand. You've established the optimum price.
Business flows steadily through the doors.
Yet, this bright sense of accomplishment begins to fade slowly as you acknowledge those little nagging questions that ever seem to disturb your great American dream. I'll deposit the payroll taxes well enough . . Bluntly, a small business that fails to keep complete and accurate financial records places its long term success and continuance in grave, grave doubt. Good records provide the financial data that help you operate more efficiently, thus increasing the profitability of your enterprise. This is because accurate and complete records enable you, or your accountant, to identify all your business assets, liabilities, income, and expenses, which, when compared to appropriate industry averages help you pinpoint the strong and weak phases of your business operations.