Advantages of having a proper book keeping system:
- Enable you to verify any payments or receipts should any error occurs
- Banks will need proper financial statements to grant you any loan
- When the Taxman knocks on your door, it is mandatory to keep proper records
- For analysis of company’s health for expansion or cost management
- Double check every entry, making sure every entry is true and accurate
- Keep proper records of your accounts
- Deal with the Taxman when the needs arises
- Advising on tax management and capitalizing on eligible tax reliefs, deductions thus reducing tax liabilities
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