Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,200,341 members, 7,974,439 topics. Date: Monday, 14 October 2024 at 02:59 AM |
Nairaland Forum / Nairaland / General / Business / What Happens When A Business Doesn't Keep Records (939 Views)
Femi Otedola Doesn't Wear Wristwatch, Here Is Why / Femi Otedola Replies Fan Who Said He Doesn't Help People / What Happens To My Money If I'm Robbed In A Bank While Waiting To Deposit? (2) (3) (4)
What Happens When A Business Doesn't Keep Records by figsays: 1:24pm On Dec 25, 2016 |
As vital as record keeping is to the availability of useful information to a business, many small business owners still take this aspect of the business for granted. One mistake some small business owners in Nigeria make in the first year(s) of commencing operations is the failure to keep proper records. Why Do Small Business Owners in Nigeria Fail to Keep Records? It is easy for a small business owner to feel he/she has a mental picture of the daily/monthly income generated by the business, hence the nonchalant attitude towards bookkeeping or accounting aspect of the business in its early years. Another reason is the notion that the business is still small and its activities are few. Some people do not know they have to keep these records. Every organisation whether big or small, new or old needs to have a system by which its records are created and maintained. This will ensure accurate and timely information for sound decision making and avoidance of paying excess tax.. Importance of Record Keeping for full content check here http://smeaccountingngr..com.ng/2016/12/what-happens-when-business-doesnt-keep.html?m=1 feel free to share your opinions and questions. |
Re: What Happens When A Business Doesn't Keep Records by Taiwo20(m): 1:31pm On Dec 25, 2016 |
Failure to keep book of account is a crime under our tax laws |
Re: What Happens When A Business Doesn't Keep Records by figsays: 1:35pm On Dec 25, 2016 |
Taiwo20:but many people do not know this |
Re: What Happens When A Business Doesn't Keep Records by ThundrCork(m): 1:41pm On Dec 25, 2016 |
How many small businesses are currently paying tax? Probably when it is properly enforced, everyone will start keeping records |
Re: What Happens When A Business Doesn't Keep Records by figsays: 1:54pm On Dec 25, 2016 |
ThundrCork:The tax authorities are trying their best but business owners need to be enlightened on the importance of record keeping and prompt payment of taxes. Some small business owners do not see the need to keep these records. Some do not even issue receipt/invoice or sign contract contract letters with their clients probably because of the familiarity between them. |
Re: What Happens When A Business Doesn't Keep Records by figsays: 4:09pm On Dec 25, 2016 |
Importance of Record Keeping A good record keeping system ensures easy filing of tax returns. It is easy to prepare the financial statements of a business that keeps record because the data will be readily available. It provides easy access to loan. It provides information on the profitability and general performance of the business. What Are The Records Expected To Be Kept By A Business find out more here http://smeaccountingngr..com.ng/2016/12/what-happens-when-business-doesnt-keep.html?m=1 |
Re: What Happens When A Business Doesn't Keep Records by tunazi(m): 6:23pm On Dec 25, 2016 |
Keeping records is very crucial tothe success of any business, especially in helping to keep track of the analytics of the business |
(1) (Reply)
Innoson EFCC Arrest And The GTB Loan: The Facts Behind The Saga- James Osaremen / Fortune Global Is A Proud Logistics Partner Of The EGINA FPSO / Coolworld Unveils The New Haier Thermocool Energy Saving Electrical Appliances
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 12 |