4 Problems For Failing To Do Proper Bookkeeping
One way of instilling financial discipline into your business is observing proper bookkeeping all year round. Following prudent bookkeeping practices protects your venture from a myriad of financial tragedies. Relegating routine accounting leaves your business vulnerable to fraud, unnecessary costs, and tax penalties. Without a robust bookkeeping system, you risk penalties for noncompliance and the stress that comes with the taxman's audit. Putting a stop to your accounting gives a false sense of financial strength for your venture.