Question

Good recordkeeping helps protect assets and helps managers? apply technological controls establish responsibilities monitor company activities divide responsibility

Answer 1

Good recordkeeping helps protect assets and helps managers monitor company activities.

What are the benefits of good recordkeeping?

• Good records will help you do the following:

1. Monitor the progress of your business.
2. Prepare your financial statements.
3. Identify sources of your income.
4. Keep track of your deductible expenses.
5. Keep track of your basis in property.
6. Prepare your tax returns.
7. Support items reported on your tax returns.
8. Save time and costs
9. Prevent loopholes and oversight
10. Prevent fraud or theft
11. Comply with laws
12. Make business decisions

• Different countries have different regulations depending on the local laws stipulated by the government.
• It is important for you to do substantive research and ensure that your company’s current record keeping system is compliant with the country regulatory requirements.

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