There are rewards for those who take the time to plan, organize and maintain business records.
Financial information is basic to decision making.
Maintaining income statements and balance sheets will allow you to determine the future growth of your organization. There are many tax breaks available for small businesses. Good record-keeping enables you to take advantage of these tax breaks. For example, small business owners are often eligible for a vehicle expense deduction. If you document usage by keeping an accurate mileage log, you may claim 31 cents a mile against your taxes as an expense of doing business.