As a Business Owner, if you want to save yourself from heavy tax liabilities you must keep accurate business records.
Many business owners pay excessive taxes just because they did not operate a system that allowed them to keep track of all their business expenses. If you keep effective records of your business operations, you will be saving taxes. It takes time to keep the records. Most entrepreneurs do not like to spend the time for record keeping. They feel it distracts them from the main course of making money. If you make money and the tax man takes a big shovel to scoop a big portion of the money in form of taxes and penalties it means you are losing money, which you could have saved.
There is a way to keep the record simple and easy to maintain. There is a simple system called “BusinessProfits”, which can help you to achieve the accuracy and promptness you need in keeping your business records. You do not need to possess book-keeping knowledge before you can use this system. You can produce invoices and generate receipts easily. The system will also help you to reconcile your bank statements to prevent any loss of money through excessive bank charges. If you have inventories, the system will take account of various stores or warehouses for your operations. The system can be used by more than three (3) people at a time. In fact, it has no limit as to the number of users. Your profit will be tracked as you operate the business and you can be confident of your cash movement. The system is also your assistant in calculating VAT for you to remit as an when due. If you receive money in foreign currency, the system is capable of keeping records in any currency of your choice. A good invoicing and book-keeping system will save you money and keep you away from any hassle or embarrassment concerning tax liabilities.
Dr. Adebola Olubanjo
