As vital as record keeping is to the availability of useful information to a business, many small business owners still take this aspect of the business for granted.
One mistake some small business owners in Nigeria make in the first year(s) of commencing operations is the failure to keep proper records.

Why Do Small Business Owners in Nigeria Fail to Keep Records?

It is easy for a small business owner to feel he/she has a mental picture of the daily/monthly income generated by the business, hence the nonchalant attitude towards bookkeeping or accounting aspect of the business in its early years.
Another reason is the notion that the business is still small and its activities are few.
Some people do not know they have to keep these records.


Every organisation whether big or small, new or old needs to have a system by which its records are created and maintained. This will ensure accurate and timely information for sound decision making and avoidance of paying excess tax..

Importance of Record Keeping
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Failure to keep book of account is a crime under our tax laws

Taiwo20:
Failure to keep book of account is a crime under our tax laws

but many people do not know this

How many small businesses are currently paying tax? Probably when it is properly enforced, everyone will start keeping records

ThundrCork:
How many small businesses are currently paying tax? Probably when it is properly enforced, everyone will start keeping records

The tax authorities are trying their best but business owners need to be enlightened on the importance of record keeping and prompt payment of taxes.
Some small business owners do not see the need to keep these records. Some do not even issue receipt/invoice or sign contract contract letters with their clients probably because of the familiarity between them.

Importance of Record Keeping

A good record keeping system ensures easy filing of tax returns.

It is easy to prepare the financial statements of a business that keeps record because the data will be readily available.

It provides easy access to loan.

It provides information on the profitability and general performance of the business.


What Are The Records Expected To Be Kept By A Business
find out more here
http://smeaccountingngr..com.ng/2016/12/what-happens-when-business-doesnt-keep.html?m=1

Keeping records is very crucial tothe success of any business, especially in helping to keep track of the analytics of the business