I have heard many small business owners say "a good bookkeeping system is not just “important” for a small business", but having a good bookkeeping system in place can mean the difference between success and failure. Successful companies with good internal bookkeeping systems have better control over their cashflow and understand their profitability. Companies with no bookkeeping or record keeping system do not understand their costs and are often unable to stay on top of the many tax deadlines that they must manage.