What Are the Consequences of Poorly Organized Financial Records?
Poorly organized financial records can lead to several issues: - Inaccurate Financial Data: This can result in poor business decisions and mismanagement of resources. - Missed Deadlines: Disorganized records can lead to missed tax filing deadlines, resulting in penalties. - Audits and Investigations: Inaccurate or incomplete records can trigger audits and investigations from tax authorities. - Loss of Stakeholder Trust: Investors, creditors, and other stakeholders may lose confidence in a business that cannot produce accurate financial information.