A business however small it may be, it will still beengaged in transactions with external parties like customers and suppliers. These transactions have to recorded for various purposes.Maintaining invoicing and accounting records is not only for government agencies like GST, TDS and Income tax filings, it is more useful for the business self-analysis, sustenance, growth and improvement.
Business transactions may happen on credit, means, the payment will be made at a later date. In this scenario, it is required to maintain some related documentation to remember and collect the monies that are due for payment. For some products or services, businesses have to provide warranty for an agreed period from the date of sale or service. Availability of a valid document to show the date of sale or service will help both the parties. Globalization has brought in tough competition from corporate franchise businesses. Proper record creation and maintenance help businesses to stay ahead of time.
Every business has to pay taxes and file tax returnswhether they are making profits or not. In order to file returns, every business has to maintain minimum required business records.
Data is information and it is the key for success in every business. All the transactional data has to be maintained to know the market position of a business. Accounting software applications like CEAAR helps the businesses to record all the invoices, vouchers and entries for continuous periods and provide meaningful reporting for growth and success. CEAAR is free, easy to use, simple to record, and detailed in reporting. Please visit www.ceaar.com to know more.
Rama Krishna Akkaraju (CEO)