ISBN: 0471040266 9780471040262

Category: Business & Economics / Accounting / General

Page count: 116

Abstract: Sound money management, starting with proper bookkeeping, can make the difference between success or failure of any business by preventing profit drains. Correct procedures will allow implementation of a set of controls for efficient business operation. Guidelines are presented for understanding accounting and record-keeping principles, what records to keep and how long to keep them, and how to minimize tax liabilities. Proper use of a checking account, budgets, capital, and cash flow also leads to a useful information system for future planning. Accurate knowledge of the dynamics of a business can maximize profits through careful cost controls and realistic, competitive pricing.