Answer:
Good records allow you to identify all of your assets, expenses, income, and liabilities. This lets you see your strengths and weaknesses of your business, which will allow you to make much better financial decisions.
The biggest danger of not recording your transactions in a separate registry is that you would not be able to keep accurate records.
This may lead to issues whereby there are inaccurate records. This can impede the growth of your business.
Without proper records, you cannot control your resources and can also stocks and fixed assets could be tampered with.
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