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Your local Small Business Development Center can offer you with helpful details and information, templates, and worksheets to help you get started. Trade associations can be an amazing source of information for industry-specific statistics. You can additionally test many other resources for your library for information on industry standards and averages. Your accountant can also be a brilliant source of professional assistance when preparing projected financial statements.
The basic survival skills incorporate a working understanding of fundamental record keeping financial management personnel management market analysis break-even analysis service or product understanding tax understanding legal structures and communication skills.
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Even an individual needs some form of accounting. Organization needs financial accounting not necessarily to achieve its objectives. Does the organization have a Bank Account, does it need money to buy equipment, computer, furniture etc, does it spend money for various purposes? How do you keep track of all the transactions? Is there a Government body like Taxation, or the company executives you have to report to. about your financial activities, Profit & Loss etc. These are just couple of reasons, why need a Financial Accounting. Hope this will help. luciana44
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