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Mastering Business Recordkeeping: Key Techniques for Financial Success

Discover why keeping detailed records in your business is crucial for tax purposes, decision-making, budgeting, and more. Learn about cash and accrual systems, entry methods, and the types of records essential for effective financial management.

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Mastering Business Recordkeeping: Key Techniques for Financial Success

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  1. AG. BUSINESS MGNT Recordkeeping

  2. WHY KEEP RECORDS? • A. TAXES • B. MAKE BUSINESS DECISIONS

  3. KINDS OF BUSINESS RECORDS • CASH SYSTEM • ACCRUAL SYSTEM • SINGLE ENTRY • DOUBLE ENTRY • ENTERPRISE

  4. RECORDS ALLOW YOU TO • A. ALLOW YOU TO BUDGET SWAG OF INCOME • B. TALK TO LENDERS • C. PLAN FOR THE FUTHURE • D. MAKE SHORT RUN DECISIONS

  5. WHAT ARE THE PARTS OF OUR RECORDS PROBLEMS • INVENTORIES • ACCOUNTS PAYABLE • ACCOUNTS RECEIVABLE • INCOME JOURNAL • EXPENSE JOURNAL

  6. WHAT ARE THE PARTS OF OUR RECORDS PROBLEM • PROFIT\LOSS STATEMENT • BALANCE SHEET • NETWORTH • CHECK BOOK RECONCILIATION

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