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- So that people will allow you to have credit cards and other cards that you would find harder to have if you have bad credit, you could even become black listed which means you will not be able to have a credit card or anything like that again. It also helps you in jobs to do with financial work.
- Hope this helps.. : )
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∙ 13y ago
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∙ 12y agoTo show accountability, probity and integrity
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How do you make a sentence for financial?
we are not rich. We are facing financial problems.
How do you know the Romans existed?
The Romans were pretty good at keeping records of what went on in their empire, and many of these records still exist.
How will accounting affect peoples daily lives?
Accounting will affect the daily lives of people by making sure all debts are accounted for and making sure people have monies. Keeping good accounting records is a good way to avoid financial troubles.
What are the release dates for PawdCasts Pilar and the World of Dogs - 2013 Keeping Good Dog Records 1-22?
PawdCasts Pilar and the World of Dogs - 2013 Keeping Good Dog Records 1-22 was released on: USA: 10 December 2013
What are the benefits of keeping proper accounting records?
Staying on top of paperwork can prove to be a headache for some business people who would prefer to concentrate on keeping their business running. However, keeping good accounting records is vital for all kinds of businesses for a number of reasons. Financial Information: Good financial records give the owner a picture of how much income the business is generating and how it is being spent on goods for resale and on overheads. Over a period, which can be six months or a year, financial statements like the Profit and Loss and Balance sheet can be produced from these records. It is vital to have accurate and up to date records as your financial advisor can then identify the strengths and weaknesses of the business and give advice on how to improve the efficiency and profitability of the business or make changes to improve weaker are Budgets: A budget is prepared using accurate financial records available to a business owner. Based on these records, future income and expenses can be projected to give direction and focus to the business. A business budget also provides a strong foundation for management to make changes and improvements to the business and generally monitor all areas of the business. The key to successful budgeting is regular reviews of projected values against actual values so that the business owner can make changes in the business accordingly. Cash flow: A business owner needs to know if he has enough cash to meet financial commitments like paying his creditors or his employees every month. It is important to prepare a cash flow projection to find out if his outgoings are sufficiently covered by his incomings, as that will be the difference between him being solvent or insolvent. Based on what the cash flow statement reveals, the business owner can take appropriate steps to improve his income or reduce his expenditure. Keeping good financial records will help make this forecast easier to implement. Loans: It is important to have up to date financial statements in case the business owner requires a loan to expand his business. The lender will use information shown on these statements to check out the financial health of the business. In addition, a business plan, which shows how the loan will be used to make the business a successful venture, will be required before business lenders make any decisions. Similarly, any business seeking investment will need to provide good accounting records before any perspective investor decides to part with his money. Tax Purposes: Every business has to submit a tax return to the tax office to show what its tax implications are. Accurate financial records are necessary so that any over or under payments of tax are avoided. If the businessperson employs people to work for him, he needs to keep accurate records for them so that correct tax and contributions are paid on their behalf to the Inland Revenue. Keeping organized and accurate financial information becomes even more important during audits when the businessperson has to provide proof on the accuracy of his business record keeping. VAT: In addition to taxes, the business is liable for paying value added tax to the government depending on its income threshold. It is important to read the guidelines required for submitting this tax when the business is set up so that errors that prove costly later are avoided. Dividends: In companies where part of company's profits are distributed to its shareholders as dividends or for partnerships where both profits and losses have to be shared it becomes vital to keep good financial records
An important key to good observational records is?
An important key to good observational records is use of language. Other people can only interpret the words of the person who was doing the observing.
Why is maintaining a reliable accurate and timely accounting system important?
without good records it is impossible to determined the financial condition or profitability of a business and also to identify all your business assets , liabilities, income and expenses
Why health promotion is important?
it is very important to stay healthy by eating a reasonable amount fruit and vegetables and meat every day keeping good hygiene ,excise it's all very important and keeping your teeth clean is important too.
What were ancient Egypt people good at?
The flooding of the Nile (and so geometry - to reset property boundaries) & preserving dead bodies.
Why is a top quality workforce important?
For the financial growth of the organization. And to make it a good success.
Why is developing a financial plan important to a new venture?
Developing a financial plan is critical to a new venture in that it helps one to prioritize expenditure. This leads to good financial planning.
Where can you find a virus removal free?
avg is an antivirus that provides the basic protection for free. If this is for use in a home PC that does not include any type of business or that records financial records, this is a good way to go.
