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An Insight into Accounting

By Charles B Hare

Keeping financial records are part of the operation of any business. Whether you hire an bookkeeper or charge yourself for your own accounting, an organized financial records will allow you to track the records required. Hiring an bookkeeper while setting up your business can be advantageous, because it can answer your questions about keeping financial records for your business.

What are the advantaged to a well organized record keeping

Adequate records facilitate effective planning regarding the decisions that will affect the future of your business. More organized your records are, the more they will be helpful.

A well-organized financial records to:

* Allows you to look at your current financial position with your financial position in the past;

* Planning your financial future;

* Obtain information that will enable you to make informed business decisions;

* Meet the requirements of reporting

* Time savings when you get audited.

Types of records to be kept

People who run a business or involved in commercial activities should keep records. These records are:

* Paper or electronic receipts;

* Log all costs and total sales;

* Records for payroll;

* Records of all taxes paid and collected.

Generally, you must keep all records and all supporting documents for determining your tax obligations and credits you are entitled, for a period of six years from the end of the last tax year to which they relate. At a minimum, financial records should reflect your daily expenses and revenues permanently, accurately and completely.

Types of Record Keeping

A system of bookkeeping practice is easy to use and understand. It is reliable, accurate and consistent, and allows you to access information when needed.

Examples of types of systems used in accounting:

* Single Entry Record Keeping: Each transaction is recorded as income or expense, or asset or liability. All entries are logged for one page log income and expenses.

* Double entry Accounting: transactions are recorded twice, one amount is charged to credit the second amount for the same value recognized in the flow.

* One-write systems: These systems are protected by copyright using carbon-backed checks. When you enter information on the check, they are transferred to a recording system.

* Software Applications: These programs are fast and versatile. Usually they are used to produce financial reports when they are needed. Many of these software applications are expandable so you can add new options and features when your business requires additional features.

You can learn more about record keeping through the internet, business consultants, software and online tools. You can also participate in tutorials in accounting that will be useful if you do not know accounting principles.

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Article Citation
MLA Style Citation:
Hare, Charles B. "An Insight into Accounting." An Insight into Accounting. 22 Apr. 2012. 18 Jul 2014 <>.

APA Style Citation:
Hare, C (2012, April 22). An Insight into Accounting. Retrieved July 18, 2014, from

Chicago Style Citation:
Hare, Charles B. "An Insight into Accounting"

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