What you need to know when starting a business
So you’re starting a business! There’s so much out there about business plans, financing, advertising, but there’s not much on what you need to know about keeping and tracking records. You don’t need to be a bookkeeper to start a business, but you do need to know why and how you need to keep your records. Knowing this is a MUST if you want to run a successful business!
It really helps to understand why you’re keeping records. Of course the main reason is that you really want to know if your business is making money. It’s also important because the government is going to tax you on the income you make. And they may need to you collect sales tax on their behalf. And the onus is on you to know and understand how, because if you do it incorrectly, you cannot take a mulligan, you get to pay interest and penalties.
- Why record keeping is important
- What is important to track and why
- What happens when you don’t keep track of your records
- Lectures 1
- Quizzes 0
- Duration 10 minutes
- Skill level All level
- Language English
- Students 1
- Assessments Self