It is important for all the citizens to pay the taxes to the government. Tax is the percentage of money that one has to pay to the government from the income the people generate. The taxes are very important in any nation because they are the ones that are used by the government to improve their country. Some of the developments which can be brought as a result of the taxes is the improvement in the economy and the infrastructure. It is important to pay the taxes to the government in good time so they can be able to plan and budget for it always. A person cannot access some of the services if they do not pay their taxes to the government.
All the people living in a certain country are going to enjoy all the government benefits because they are going to be redistributed to them equally. All the money collected must be added together so they can have the whole amount of tax that was collected before they start to distribute it to the citizens. The people living in that country are going to enjoy so many services from their government because they will always be catered for by their government. There is no discrimination which is observed when the people are being given the resources.
Recording of the transactions made is good because one can refer to it in future when they require them. Also, an individual can go through all the transactions and observe the trend of their business. The recording of the transactions can be referred to as bookkeeping. Most of the companies that are small or big must do bookkeeping. Bookkeeping is very important because all the individuals can be able to monitor the trend of the business at any time they want to do so. It is very important for one to identify whether they are making profits or losses in their businesses so they can change the style of doing their business. It is easy for a person to know when they have a bookkeeping in their business.
Bookkeeping is also very accurate and spends less time for a person to detect any form of fraud. The auditors are given an opportunity to review the books of account and they will always detect any fraud committed. Fraud can make a company to incur a lot of losses which are will cost the company and may not be able to meet some of their needs. When people are doing the fraud, they may not indicate the figures they got accurately. A less amount of money is gotten when the people omit some of the figures when recording them.