If we think that we will continue to grow our business then what we have to do is record a balance sheet, of course we don't have to pay employees who specifically monitor financial flows, but we can do this ourselves with excel or an application on android that we can download for free.
Keeping financial records in written form is a great way to keep the records hand and also if the financial deal is between two people. It is great to deal with written records. Otherwise most of the time the deal end in disaster 
Topic: Always Have a financial record in whatever business you own - page 2. (Read 1400 times)
Keeping financial records is very important in business. It can make it easy for businesses to check for accuracy in financial assessments, ensuring accuracy and eliminating the risk of errors or miscalculations. Know your business's costs and revenues so you can identify unnecessary expenses, reduce waste, and make adjustments to optimize profits. So try to promote understanding of specific financial records needs and concerns. Can provide instruction on basic record-keeping methods, such as simple spreadsheets, notebooks, or mobile apps, that can help entrepreneurs track income and expenses easily.
Keeping a financial record is good because it will help you determine if the business is successful or not. You doing your income and expenditure daily will give you an insight into how the monthly one will look like and also teach you some practical things you need to do. For instance, cutting down your expenses and saving more.
records of everything should be kept safe because in life if you continue your journey without any planning or records so it will become difficult for you one day to manage your expenses and to make your financial status easier. By keeping record it will be easy for you to minimizes your expenses and to save some amount of money for future use and I think those businessman will be more successful who keep records of each and everything as it provides a smooth way of business.
I think financial records are really needed for entrepreneurs, even non-entrepreneurs are really needed. Because we can easily analyze if there are obstacles or problems in the business world that we live in, so we can easily track down the mistakes we make or control unnecessary expenses.
That way we are more efficient in unnecessary expenses in the future.
Analyzing financial records allows businesses to analyze past performance and project future growth, making informed decisions about investments, expansions, and other strategic initiatives. By tracking income and expenses over time, individuals and businesses can create and stick to budgets.That way we are more efficient in unnecessary expenses in the future.
Know the progress of your business: It's through the financial record that you know if your little business is safe or about to go under. If your business is safe your records will also let you know how safe you are. When your records have enlightened you on the future of your business then you can now make a decision based on what the financial records show.
I don't even know why people doesn't even track their record to see if the business goes well or not. What's the purpose of managing a business if they don't even want to manage and keep track of everything, because the stake is really high and it would make you bankrupt if you do nothing about it. Financial records are important so you can decide better actions.Sure managing your business is difficult and it's not everyone's game but the freedom you can get while doing it is really worth and with the tasks you have to do then it's always a must to prepare everything.
To make a business profitable and growing, of course, the important thing that a business owner has to do is to know the financial flow, without knowing the financial flow, we don't know whether we are making a profit or a loss, many business people don't care about financial records so what happens is the business flows and it doesn't can be controlled.
That is so true. Keep thr records in written and see the magic set the goals and try to acheive the goals as soon as possible. Make it your motto to set the goal and achieve it for this keep the financial in written form. 
the government is pushing everyone into digitalization because the tax department realizes that there are some stores that really don't have a track record of their businesses, as well as other businesses that are declaring only small value, which is why they only pay small taxes.
The tax issue is going to be a big issue for government of third world countries because a lot of these businesses are not documented. A business can operate for years and the government won't even know a business like that exists because it was not registered anywhere. There may be different local forms of payment but these monies don't go into the coffer of the government , they just end up in the pockets of those that receive the payment.
This is due to a lack of a working system, so things are not run accordingly.
There is also the fact that the people don't trust the government, so they find it hard to pay their taxes. The government provides nothing for them.Not roads, electricity, water, security, so why should they willingly pay their taxes when they provide even the things the government should provide for them by themselves
To make a business profitable and growing, of course, the important thing that a business owner has to do is to know the financial flow, without knowing the financial flow, we don't know whether we are making a profit or a loss, many business people don't care about financial records so what happens is the business flows and it doesn't can be controlled.
It is very important to keep the financial record in whatever business you own. Financial records can provide us the informations for tax reporting. Those financial records are needed in complying to the Bureau of Internal Revenue, here in our country those financial records should be kept for 5-10 years for future audit of the Bureau if they had requested the company to show it off for questioning and clarifications versus the declared taxes submitted to them. The financial record could help us also track the income, expenses and other financial activities of the company.
Keeping financial records is important for normal life too as it keeps check on your earnings and spending and you know where you stand by the end of month. In business obviously its compulsory to have financial records to calculate profits and losses and to adjust income statements.
It is very important to keep the financial record in whatever business you own. Financial records can provide us the informations for tax reporting. Those financial records are needed in complying to the Bureau of Internal Revenue, here in our country those financial records should be kept for 5-10 years for future audit of the Bureau if they had requested the company to show it off for questioning and clarifications versus the declared taxes submitted to them. The financial record could help us also track the income, expenses and other financial activities of the company.
Yeah we need to always have a record to know if we got profit from our business or not, we need to record everything not just financial record but every little thing record is very important in doing business we can look at the record and make a future plan to earn or to make the business more good.
the government is pushing everyone into digitalization because the tax department realizes that there are some stores that really don't have a track record of their businesses, as well as other businesses that are declaring only small value, which is why they only pay small taxes.
The tax issue is going to be a big issue for government of third world countries because a lot of these businesses are not documented. A business can operate for years and the government won't even know a business like that exists because it was not registered anywhere. There may be different local forms of payment but these monies don't go into the coffer of the government , they just end up in the pockets of those that receive the payment.
This is due to a lack of a working system, so things are not run accordingly.
There is also the fact that the people don't trust the government, so they find it hard to pay their taxes. The government provides nothing for them.Not roads, electricity, water, security, so why should they willingly pay their taxes when they provide even the things the government should provide for them by themselves
Though right now the government is very strict and unlike before, you can have a business without a permit as the government doesn't really check on it, right now it is very difficult as they are now checking all of the establishments 1 by 1 to know if they have permits, which is why there is a constant increase in the number of people who are paying taxes. Also, right now the government is going into digitalization as it is easily manipulated if you are just writing your annual income, which you will write small on it so that you'll pay less tax.
Long story short, I educated him on how to keep financial records and record every single penny that comes in and goes out of his business. I also made him understand how this can help him cut losses and make more profit.
The things you pointed out are not peculiar to your friend alone in such small scale businesses. Most owners of such businesses don't see it as something that they can turn into a big business venture but they only see it as an end in itself, like a means to only feed, go with the girls and to sustain just immediate hunger and funfair.
They don't see it as a business that they can bestow to heirs and for that one of the challenges to it is they don't believe they have a future in the business. They don't see it as SME and they don't think about the future but to consider it as a time to hold on to pending when bigger employment job will come then they will fold it up and abandon it thereby killing the circle of SME growth that are suppose to be a good engineering to the economy.
Such barbing saloon business is suppose to be handled properly because they are part of small businesses and the government is interested in them. A more wiser business person on it can write proposals to government and may get access to loan for expansion and advertise the business online then you see more customers.
The buttom line is your friend is not seeing what he has found his hand to be doing as a business, he doesn't consider a future with it but looking for a white collar job.
There are a lot of apps for smart phones right now that can easily track the expenses or profit in your business, unlike before, when it was a traditional one like a log book and it was written, but right now we do have a lot of choices, even there are POS. I also couldn't bear if the business has no records, like how he will file for tax and how they know if the business is running well or not, as you put up a business to have profit, not to lose all of your money.
Yes. Apps for smartphones Nice and helpful option too. I myself, in terms of business records, only use Microsoft Excel, I think I am very good at managing, analyzing and presenting data in tabular form and if I am more careful I use a public accountant to calculate a balance sheet and back it up by recording using a good table, transaction records. daily per item so that the accountant can easily audit it. Yes. As you say "Set up a business to make a profit, not to lose all your money" and that's the typical end story.
Yes, Excel or Google Sheets have been mostly used by business owners, and it is really easy to manage our finances. This is still like the old traditional log book, which is just an online document that you can edit through your phone or laptop. No matter what you use, as long as you've been recording it in an efficient way so that you can see the data and results of it, it's good. Anything will work as long as you are not lazy about writing it out.
the government is pushing everyone into digitalization because the tax department realizes that there are some stores that really don't have a track record of their businesses, as well as other businesses that are declaring only small value, which is why they only pay small taxes.
The tax issue is going to be a big issue for government of third world countries because a lot of these businesses are not documented. A business can operate for years and the government won't even know a business like that exists because it was not registered anywhere. There may be different local forms of payment but these monies don't go into the coffer of the government , they just end up in the pockets of those that receive the payment.
This is due to a lack of a working system, so things are not run accordingly.
There is also the fact that the people don't trust the government, so they find it hard to pay their taxes. The government provides nothing for them.Not roads, electricity, water, security, so why should they willingly pay their taxes when they provide even the things the government should provide for them by themselves
Than you are the lucky person to have done the work done in the right way.
the government is pushing everyone into digitalization because the tax department realizes that there are some stores that really don't have a track record of their businesses, as well as other businesses that are declaring only small value, which is why they only pay small taxes.
The tax issue is going to be a big issue for government of third world countries because a lot of these businesses are not documented. A business can operate for years and the government won't even know a business like that exists because it was not registered anywhere. There may be different local forms of payment but these monies don't go into the coffer of the government , they just end up in the pockets of those that receive the payment.
This is due to a lack of a working system, so things are not run accordingly.
There is also the fact that the people don't trust the government, so they find it hard to pay their taxes. The government provides nothing for them.Not roads, electricity, water, security, so why should they willingly pay their taxes when they provide even the things the government should provide for them by themselves
I agree about keeping records regardless of how big or small your business is. Let's just look at that perspective that huge corporations have their financial statements being record which includes the accounts payable and receivables and even their debt.
As a small business guy, it's important to track and record your expenses and profits for you to determine on how much you should be able to deduct and be after all of it to take your profit.
Plus, it's important to have always a back up when you're starting out your business. It could be a fund or another business to support it until you think that it's not longer sustainable even if some support from your other source.
As a small business guy, it's important to track and record your expenses and profits for you to determine on how much you should be able to deduct and be after all of it to take your profit.
Plus, it's important to have always a back up when you're starting out your business. It could be a fund or another business to support it until you think that it's not longer sustainable even if some support from your other source.
Absolutely, keeping accurate financial records is crucial for small businesses. It allows you to track your expenses, monitor your profits, and make informed decisions about the financial health and future of your business
The only thing is consistency and honesty
I agree about keeping records regardless of how big or small your business is. Let's just look at that perspective that huge corporations have their financial statements being record which includes the accounts payable and receivables and even their debt.
As a small business guy, it's important to track and record your expenses and profits for you to determine on how much you should be able to deduct and be after all of it to take your profit.
Plus, it's important to have always a back up when you're starting out your business. It could be a fund or another business to support it until you think that it's not longer sustainable even if some support from your other source.
As a small business guy, it's important to track and record your expenses and profits for you to determine on how much you should be able to deduct and be after all of it to take your profit.
Plus, it's important to have always a back up when you're starting out your business. It could be a fund or another business to support it until you think that it's not longer sustainable even if some support from your other source.
Absolutely, keeping accurate financial records is crucial for small businesses. It allows you to track your expenses, monitor your profits, and make informed decisions about the financial health and future of your business
There are a lot of apps for smart phones right now that can easily track the expenses or profit in your business, unlike before, when it was a traditional one like a log book and it was written, but right now we do have a lot of choices, even there are POS. I also couldn't bear if the business has no records, like how he will file for tax and how they know if the business is running well or not, as you put up a business to have profit, not to lose all of your money.
Yes. Apps for smartphones Nice and helpful option too. I myself, in terms of business records, only use Microsoft Excel, I think I am very good at managing, analyzing and presenting data in tabular form and if I am more careful I use a public accountant to calculate a balance sheet and back it up by recording using a good table, transaction records. daily per item so that the accountant can easily audit it. Yes. As you say "Set up a business to make a profit, not to lose all your money" and that's the typical end story.
For those who do not do that - might be lazy and indifferent people and does not know how to manage their funds. Like I always suffer losses in. business - those who do not keep track of finances also suffer
keeping records of financial, shows the discipline of one, I could be sure that everyone who always know to keep records of their financial gain will always have better discipline in spending them carefully without any worry of overspending.they always know their spending capability which didn't disturb their overall business, unlike one that usually didn't even record their gain, they gonna face some difficulties in the future because they don't feel like recording their finance.
there has been many cases of someone trying the hard way recalling all their financial gains when they need the data.
but if you are not good at managing and updating the finances then its surely a difficult situation
There are a lot of apps for smart phones right now that can easily track the expenses or profit in your business, unlike before, when it was a traditional one like a log book and it was written, but right now we do have a lot of choices, even there are POS. I also couldn't bear if the business has no records, like how he will file for tax and how they know if the business is running well or not, as you put up a business to have profit, not to lose all of your money.
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