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11
Bookkeeping helps you have a better tax preparation. When it’s time to file your taxes, you’ll need to comply with the Internal Revenue Service’s (IRS) legal regulations and systems that govern their finances. Some of the most common documentation businesses must provide to the federal government include: Financial transactionsFinancial statementsTax complianceCash flow reports By staying...
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11
Entrepreneurs fail due to poor or negative cash flow. In general the rule is: If your expenses exceed your cash, then you have a cash flow problem. That being said, over 80% of all entrepreneurs fail because they did not adequatly manage or account their business money.Also, not all entrepreneurs engage with bookkeeping, so: Make...
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