Bad bookkeeping can turn away potential customers, suppliers and creditors. In some cases, inaccurate bookkeeping may even cause stake holders to take legal action against you.
Here are few scenarios of bad bookkeeping failures:
- A bank or financial institution may refuse to lend you money.
- Potential investors may not want to invest in your company because they do not find your financial reporting reliable.
- You may not be settling your financial obligations on time since your “Accounts Payable” books show otherwise.
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