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Importance of Bookkeeping Questions and Answers fully Solved
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Importance of Bookkeeping
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Importance of BookkeepingImportance of Bookkeeping - answer good record keeping can help protect the
business, measure the performance and maximize profit.
Records - answer are the source documents, both physical and electronic, that specify
transactions dates and amounts, legal agreements, and private customer and business
details
Developing a system to log, store and dispose of records can benefit the business a
systematic recorded allowing to: - answer-Plan and work efficiently
-Meet legal and tax requirements
-Measure profit and performance
-Generate meaningful reports
-Protect your rights
-Manage potential rights
Best Practice and Record Keeping - answer depending on the industry, keeping the
following records may be a legal requirement, but it is best practice to keep them for 5-7
years
Employees accreditation certificates and license - answercopies of permits,
registrations, and license of employee who need to do their jobs
Employees resumes and job application - answer(must be kept) (2)
Performance reviews - answerinclude assessments of staff performance and
agreements between you and your employees
Position statement and job advertisement - answer(must be kept) (4)
Customer records - answerpersonal details, products purchased and product inquiries
that are useful fir for finding new customers
Customers compliants - answerdetail of conpliants about the products, service staff or
anything else, steps taken to resolve them
Details of any dispute with other businesses - answerinclude when how you went
resolving disputes
Quotes given and won - answerspecifics of jobs and time sepnt on them to the future
quoting
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