Beyond Taxes: Why Consistent Bookkeeping is Essential for SME Success in Botswana
Introduction Many small and medium-sized enterprises (SMEs) in Botswana view bookkeeping and record-keeping as an unnecessary expense. The reality? They often neglect it until tax season, scrambling at the last minute to fix financial records. But bookkeeping is more than just a compliance requirement—it’s the foundation for financial stability, business growth, and strategic decision-making . This blog explores why SMEs should invest in consistent bookkeeping , the risks of neglecting it, and practical steps to implement a simple yet effective system. 1. The Role of Bookkeeping in Business Success Bookkeeping involves recording financial transactions in an organized manner. It ensures that businesses track their income, expenses, liabilities, and assets properly. Why is this important? ✅ Better Cash Flow Management – Knowing what’s coming in and going out prevents cash shortages. ✅ Accurate Tax Reporting – Proper records ensure you pay the right amount of tax and avoid penalties...