Successful Accounting Practices

Paper Summary:

This paper discusses how poor financial record-keeping is recognized as one of the major factors of small-business failure in the U.S. In the paper the writer presents proposals for organized and thorough accounting practices which should assist small business to run more smoothly. Examines concepts such as liabilities, assets, capital and equity. Includes several tables.

From the Paper:

"Although business owners may keep receipts and similar paperwork on hand, the attitude toward records is often negative because they are considered necessary evils in keeping with government oversight and tax planning. But Ragan (4) makes the point that business records are actually a tool of business management. By consistent updating of and reference to various financial statements, collectively known as an accounting system, the business owner can track the current status and financial health of a firm and adjust operations or money allocations as appropriate to resolve problems that may be perceived. Good financial record keeping provides the basis for making informed business decisions and helps prevent errors, omissions, fraud, abuse, and carelessness."

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