List sevn important of accounting and keeping

Accounting/bookkeeping

1. The income statement provides you with information about the profit and loss

2. The balance sheet gives you a clear picture on the financial position of your business on a particular date.

3.  Bookkeeping is important because it helps you budget.

4. Tax Preparation. In most cases, your business has to file a tax return every year.

5. Organization. Being organized is a skill every business owner should have.

6. Analysis. Bookkeeping is important because it helps with business analysis.

7. Planning Purposes . Bookkeeping presents the past financial performance of your company.

Explanation:

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