Books of Accounts: What you need to know, and all that needs to be accounted for

Every corporation, partnership, and tax-paying individual (sole-proprietor or professional) is required to have records of their daily transactions. As a business owner, you need to log your daily operations. Knowing the exact numbers allow you to make informed decisions and projections. Most of all, you need to properly record the amounts of your transactions for tax filing purposes. It is this set of records that are called “books of account”.

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