Sara
Good record keeping for a small business will help you in a number of ways. It often characterizes whether or not a business succeeds and it will help you meet your compliance obligations. The problem is that while every single business organization requires effort, keeping the financial records is usually among the most wearisome and demanding responsibilities for a business owner.

Maintaining a great record will help you to keep an eye on the spending activity. In summary: Reliable record keeping is a desirable practice that will certainly help your business thrive



Sara
A balance sheet or statement of financial position is a financial statement that shows the financial position of the business to the owner and other stakeholders such as creditors and shareholders. It provides a good image of the health of the business. It shows the assets (what the business owns), liabilities (what it owes), and the net worth of the business (owner’s equity) at a specific point in time.

Sara
While starting a home based business is easy, operating it effectively and keeping all business information updated can be quite a task, especially for business owners with no prior knowledge or interest in accounting. However, business owners can gain the right financial information required to run a successful business. One of the key documents that business owners have to understand run their business is the Profit and Loss Statement.