Discuss the Importance of Financial Records to a Small Business

question 87

Essay

Discuss the importance of financial records to a small business.

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Definitions:

Cash Inflow

The movement of money into a business or project, contributing to its financial resources.

Payment to Suppliers

Financial transactions that involve settling debts with vendors who provide goods or services to a business.

Dividends

Payments made by a corporation to its shareholder members, usually derived from the company's profits.

Backlog

Orders that have been received but not delivered to the customer.