Keeping good financial records is vital for a variety of reasons.
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Keeping good financial records is vital for a variety of reasons.

Not only does it help to organize and maintain financial information, but in many cases, you are legally required to keep certain records; thus, management will most likely also need this information. Your financial records will also provide you with vital information to help you manage your finances, and finally, certain records may be required of you when applying for funding through grants or other funding opportunities.


1.) What are some of the important financial documents you must maintain? 
2.) Explain how you will store/maintain these documents. 
3.) Explain how these will be useful to you and under what circumstances you will be using them.
4.) What is the difference between cash- and accrual-based systems of accounting? 
5.) What are the benefits of each?

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