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Recently, I had a conversation with a friend who is also a business owner. While discussing the merits of maintaining good records for tax purposes, I was astonished to learn that: 1. He doesn’t use any form of accounting tools to enter his revenue and expenses 2. His accountant uses his bank statements to prepare his income taxes at the end of the year Am I the only one that sees that something is wrong with this process? I found it difficult to believe that an accountant would tell his/her client they only need the company’s bank statements for the year in order to prepare their income tax. But then, this isn’t the first time I’ve heard a business owner say …

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