Advantages of accounting for income and expenses

Advantages of accounting for income and expenses

Income and expenditure accounts are familiar to many people, including some people who may have done some income and expenses accounting. But do you know what the income and expense accounting is? In this article, I would like to invite you to know the benefits of accounting for income and expenses.

1. Know the amount of income and expenses

Accounting for income and expenses will show the amount of income and expenses whether in our money service, there are more income or expenses. or already balanced Because if you don't know this proportion, what will follow is spending too much money until you don't spend enough.

2. Know the proportion of expenditures.

Knowing the proportion of expenditures that there are many proportions will let us know what to do with that expense because it can be analyzed how much expenses in that part are necessary because if they do not know how expenses come from Which part is the most, will not know what money used in daily life is spent on what

3. Reduce unnecessary spending

It is an extension of item 2. When you know where you spend your money, you will begin to realize the necessity of what you spend. because it has been released as a number to see For example, he likes to buy things for himself at the beginning of the month. If not making an income account, it will not know how much it is, but if you know that it is in the thousands per month, it will reduce the use of money in the said part.

4. It's a record of activities in life.

Bookkeeping is regarded as a different story. Any that can happen as well Because I have to record what I have spent today. Or have income from something, it will make an overview of the activities that are done in their daily lives because most people tend to have routines that are done regularly in every Every day is a way to get to know yourself more in a way that we may overlook through our income and expenses accounts.

5. Help in planning the use of money.

When income and expenses are recorded regularly, what follows is discipline, and discipline itself leads to a systematic financial plan. Know how much you should spend and how much you store.

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