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What is the purpose of maintaining accounting for my business?

3/5 stars (1 vote)
Category : > Accounting & Book keeping
Posted On : Thu Dec 31st,2009

The purpose of the accounting system is to communicate and produce useful information that must Be accurate and easy to use and fulfill management's requirements.

When you plan to start up a business, you need an accounting system in place. This assists an accountant produce accounting record of all the assets, liabilities, revenue and the expenditure of your business on a daily basis. Maintaining this data is mandatory because you will need it when you file for tax returns. You might also need it for legal purposes. If, a company wants to borrow from a financial institution to expand business, this data can help it get one.

Another important purpose of maintaining an accounting system is that it helps an accountant by providing with an aid to asses business’s performance. An accounting system provides you with information about your business that will help you assess the performance of your business.

Infotax square provides you accounting services for recording, classifying and summarizing your company’s data and interpreting them for internal and external end users.


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Comments (1)
Nathan Prickett   wrote on : Sun May 27th,2012
I'm trying to establish a business that deals with various construction, for example I want to paint, hang sheetrock, tape and float, install carpet, tile, cabinets, prep and finish raw wood, like doors trim baseboard, And would like to eventually do mobile auto care, and landscaping like tree trimming-removal, lawn maintenance, laying sod, gardening, etc., as the tools get built up for the various jobs and after I establish responsible foremen. So what would I have to do to establish such a business? what all licences and or classes would I have to take. I am O.S.H.A certified in General Industry Standard. Have O.J.Ts in Brick/Stone Masonry through N.C.C.E.R, and Auto-Specialization in H.V.A.C. I want to put them to the test. Do felonies hinder me from having a business?      View Detail
Reply :
Dear  Nathan Prickett:

Thanks for choosing for your business needs. LLC (Limited Liability Company) is an appropriate business structure to handle multiple business under one entity. You also may need to do the following registrations, depends on the state you are located or registering business.

  1. Employer Identification Number
  2. Sales Tax Registration
  3. Business Licenses

Can be called at 516.822.3100 to discuss in person or use the following link.

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