Why your Business needs to Maintain Financial Statements?

Accounting for business financial statements is a common function of all businesses. But ever wondered why your business needs financial statements? Whatever the type of your business, you need to be aware of its financial status on a regular basis. Apart from this, as a business owner, you need to comply with certain regulations and provide financial information as required by statutory and taxation authorities. These vital tasks can be obliged to by maintaining business financial statements. Financial statements allow you to analyze company status, make vital decisions, and oblige to requirements by taxing authorities. Hence, there are several reasons to maintain business financial statements. Here are a few.

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