Though banks and other organizations are automated and use software , there is possibility of hacking and other problems due to which you may get less or more. Do you manually verify your financial records to ensure that you are paid what was agreed?
Do you review your financial records periodically?
- Thread starter neku
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Even though I often carry out reviews, checking company finances, I almost never review my own personal finances. I simply monitor whether my finances can still be allocated to savings/investments, meaning my finances are still running normally.
I'm compelled to keep a financial record on a monthly basis because the laws in my country state entrepreneurs must do so. I run a small business, so I must obey those laws. As soon as I earn, whether online, whether offline, I must fill the accounting entries.
In my country, small businesses can make more than profits $3220 a year will be subject to income tax. So as long as your income is below non-taxable income, we only need to make a tax report.
That's the same here in the case of small entrepreneurs owning a VAT number. To fill the financial and tax reports is compulsory even when we benefit from tax exemptions. But there is the standard compulsory fee to the Social Security in any way (the only legal way to get a governmental pension).
If in your country there is a requirement to pay standard mandatory fees for social security, if the tax regulations are the same, it can reduce taxable income. so you will pay less tax.
Yes, I do it. I do it both for my profession as well as for my personal finances. At work, I am given a fund for stationery and the project that I run for special needs youths. I keep a close track of that and even ask others working with me to make the entry frequently for all the outflow and inflow. It's easier that way to track it
I don't do that manually. I just check the records electronically and back it up to the cloud to keep it safe from hacks.
I do the same. All the electronic and digital transactions have made the work quite easy for people like us. It's convenient and tme saving. I use Excel sheets to plan my budget and track it.
