I would say that you don\u2019t. Who said you have to? You would want to, yes, but you hardly have to.\u00a0<\/p>\n
If regulators drive the obligation then they\u2019re interested to see how your business is going and most of all, if you\u2019ve calculated all your taxes properly.<\/p>\n
Now, besides the officials who based on your local legislation require you to report on your business, you\u2019d want to account for number of reasons. Most of them we\u2019ve already covered \u2013 you\u2019d know your assets, liabilities and earnings for the period<\/strong> to put into simple and short words. With accounting you could also however compare yourself with other companies that are in similar business and you\u2019d also be able to determine your future plans \u2013 if you can invest into new machinery for an example or if you can expand your business. You can also budget your future period results and even cash flows \u2013 whether they are about to flow in or out.<\/p>\n Long story short, accounting is your business\u2019 bread and butter. To keep it going, you need accurate accounting. I know it seems I\u2019m going over and over it, but that\u2019s how it is. It\u2019s so important and sadly often forgotten or overlooked.<\/p>\n","protected":false},"excerpt":{"rendered":" I would say that you don\u2019t. Who said you have to? You would want to, yes, but you hardly have to.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,74],"tags":[],"class_list":["post-3803","post","type-post","status-publish","format-standard","hentry","category-2-processes","category-2-7-accounting-in-itself"],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=3803"}],"version-history":[{"count":3,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3803\/revisions"}],"predecessor-version":[{"id":3805,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3803\/revisions\/3805"}],"wp:attachment":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=3803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=3803"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=3803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}