It is very important to have accountant in your business. In video Maureen Costello said if you don’t have understanding of accounting that your business will fail. The important of accounting is to control money. She stated how cash is important for business even if you have profit coming in but you don’t have cash your business will fail. 2. Why are financial statements important? Financial statements are very important for IRS. Make sure you paying taxes on your business and you need to have statement for all the money that is coming in business and out business.
Also Finances statements are important for banks if you asking for loan. It is important to give prove of your income and run of your business to be approved for that loan. 3. Using the information presented in the video and the material from Chapter 13, discuss at least three other ways in which accounting knowledge can benefit a small business owner or entrepreneur. Accounting can benefit business from fraud and waste of money. If you have bank statement that don’t match with your checks books you can see if someone changed you extra then they should so you can stop future problems.
For example, at my job there was lady who cashed same check twice and company didn’t know until end of the month when they were doing analyzes on money going out. Other reason why accounting can benefit small business owns is to determent salaries, paid time off, vacations, sick days, benefits, if they can hire more people, and other things when it comes to employees. Also accounting can help you make decision for future of your company. For example, if you want to make your business bigger account can help you make decision what you can afford and what you can’t to make your business bigger.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more