ABSTRACT
Every business has to submit an income tax return to the Tax Authorities each year. Therefore, the proprietor will need to prepare accounts in order to identify the taxable profit of the business. While running a business, entrepreneurs will accumulate a lot of paperwork and documentation that they will need to keep so that year-end accounts can be prepared for the business. While there are a few businesses that will deliver those records to their accountant and ask them to prepare their accounts from those source documents, most businesses will have completed some bookkeeping procedures prior to submission in order to reduce the work the accountant has to do. By completing some bookkeeping procedures, the business will reduce the accountants' charges for the production of the year-end accounts, ensure that correct payments are made to staff and suppliers and ensure that all amounts due to the business are received.
