Some small business owners live in perpetual fear of tax authorities. Their thermometer could go haywire the night before the tax audit! Some businesses even miss their accounting deadlines. The reason for this fear is mostly associated with inaccurate bookkeeping.
The ‘indifference’ factor in bookkeeping
Many small business owners are indifferent where bookkeeping is concerned. They do not attach much importance to it, given the size of their business. They either manage it themselves or transfer the responsibility to their spouse or admin. In that case they run a huge risk of their bookkeeping activities going berserk. Neither indifference nor ignorance is good for business.