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As mentioned earlier, inaccurate books could be disastrous for any business. In the first place, a business owner would have a misimpression of the financial health of the business. Because of this, the business owner could take certain unwise or imprudent decisions that affect the business badly. Or, it is equally likely that the inaccurate statements will end up attracting the attention of the tax authorities. On finding discrepancies in the books, the authorities could end up imposing hefty penalties or fines. In some situations, non-compliance could lead to imprisonment as well.

By hiring external firms for managing their bookkeeping requirements, business owners can:

• Remain rest assured about the accuracy of their financial statements
• Monitor the progress of their business with complete confidence
• Feel confident that a professional has prepared their financial statements
• Identify the source of their receipts and monitor their deductible expenses and,
• Obtain assistance in preparing their tax returns