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Why should organisations collect, file and maintain accurate financial records? What are the expectations of managers...

Why should organisations collect, file and maintain accurate financial records?

What are the expectations of managers and supervisors in relation to budget or financial plans?

What are the reports that can be used for financial planning in an organisation?

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Answer #1

Accurate financial records gives a true picture of how the business is doing, where it's is standing right now and what can we expect from it in the future. Mismanagement of financial records has resulted in various business failures. Investor confidence will get a boost if accurate records are presented to them. Accurate reporting will help the proper filing and payment of taxes. With accurate statements, it is possible to compare the companies with its peers and devise what should be done to capture the market.

Budgeting is a measure through which firms plan and control the actiivities. It gives the managers a true picture of how much they have to increase the value of the firm. This includes all types of activities from staffing to capex.  

Balance sheet, Income statement, cash flow statement, debtor and creditor report, comparative ananlysis report etc.

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