When and why should you do accounting?

When should you do accounting? 

Straightaway, it will give feedback on how your business is performing and track all your expenditure. The Company may need to pay you back some money when you get started. 

I have seen everything, so no one should feel ashamed of their accounts or attempts to do accounts. 

Why should you get accounting done? 

To name a few areas: 

  1. Profit margin calculation on products
  2. Pricing of goods and services
  3. Monitor cash flow
  4. Application for a bank loan
  5. Facilitation of receipts from customers and payment of bills
  6. Facilitation of payroll tax – paying yourself makes calculation of tax easier
  7. Reporting of your business performance to help plan going forward
  8. Advise on the 4 government obligations
  9. Discuss Quickbooks reporting capabilities
  10. Track setup costs
  11. Track Fixed Assets
  12. Does Company owe the owner for items paid by them?
  13. Difference between fixed and variable costs

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