Question

why detailed record keeping is essential​

Answer 1

Explanation:

Keeping accurate and up-to-date records is vital to the success of any business. ... Good record keeping is vital in regards to meeting the financial commitments of the business and providing information on which decisions for the future of the business can be based.

Answer 2

It is required to enlist the proper functioning of a business.

• Records are the evidence or documents which include the overall dimensions of a business. The record keeping system must be accurate and reliable.
• They are essential as -

1. Legitimate business record maintaining gives the business a genuine benefit over competition in an unexpected way.
2. It assists with dealing with documents, interests, charges and working expenses successfully.
3. Acts as a resource for new systems.
4. Tells about the achievement of the past missions and improvement in the present mission.