In Record Keeping, Part 1, we discussed the general rules and framework why businesses must keep and maintain complete and up to date records.
Record keeping is the ugly little duckling among business activities. No one likes it. But without good business records, no business is able to succeed. And that apart from the fact that bad records make the tax man unhappy, which is definitely not desirable because it can lead to fines, penalties and tax investigation.
From a business perspective, good records make it possible to