TAKING ACCOUNTING OF YOUR DEALINGS COUNTS Accounting in general terms is a review of ones records of actions. It could be in finance, behaviors and events. It is just a simple term of giving details of ones action in certain direction. In finance, it is the record of monetary transactions of an entity in accordance with the standard set by the owners or general accounting standard. Many businesses have collapse in this trying times, people keep talking about the global financial melting but honestly everything starts from individuals, we just need to be realistic about our spending. We all play the parts. In most businesses, you don’t even bother to take inventories records not to talk of making any bookkeeping for your transactions because it is my business’ that is what we say and later on the business collapses and we add to the global menace in business. Most people believes that only bigger firms are saddled with the responsibilities of taking accounts of their businesses and auditing it but it’s a wrong mentality. You have a business, you must run it well. It is no more news that small scale businesses crashes these days, their owners have been negligent keeping good records of accounts. In every monetary terms for spending there is always a collections. For every corresponding debit, there is a credit, it’s a simple double entry principle, this indicates that you have to be very serious about every financial transaction you make. Those little transactions makes the big money. Don’t even toy with your business if you have the means to employ the services of an accountant, it will surely help your money making venture. Think about it, have a financial mentor, talk to them and learn the ways for your business.
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