Bookkeeping plays a crucial role in business planning by providing accurate and up-to-date financial information. It helps businesses monitor their income, expenses, and cash flow, enabling informed decision-making. With proper bookkeeping, businesses can track their financial performance, identify trends, and forecast future outcomes. It allows for the preparation of financial statements and reports, which are essential for assessing profitability and attracting investors or obtaining financing. Bookkeeping also ensures compliance with tax regulations and facilitates the preparation of tax returns. By having organized and reliable financial records, businesses can develop realistic budgets, set goals, and implement strategies to achieve growth and success.
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