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i. To determine the profitability of a business; by keeping proper records, the profit or loss made by the business can be easily calculated.
ii. To maintain proper financial control of the business in order to maximize profit. Caution must be exercised when handling revenue and expenses of the business.
iii. Consequently, proper record keeping will help determine whether or not the resources of the business are being managed efficiently.
iv. To be able to provide financial information about the business that assist in making informed decisions about the business.
v. To provide the government with the necessary information to file a tax return as well as to furnish the relevant information if your business is being audited.
vi. Accurate and complete records enable you, or your accountant, to identify all your business assets, liabilities, income and expenses. That information helps you pinpoint both the strong and weak phases of your business operations.
vii. Record keeping is an essential source of evidence to detect business losses, internal fraud and theft.
viii. Businesses are expected to put in place a record keeping system to ensure that your Income Tax or/and Goods & Services Tax (GST) declarations are duly supported with the required documents.
ix. Failure to keep and retain records may be subjected to penalties under the Income Tax Act.
Kavungya answered the question on June 21, 2019 at 10:10
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