Topic: Always Have a financial record in whatever business you own - page 3. (Read 1400 times)
If we want to make our business grow then one of the most important things is to have a financial record, many people just do business and never know whether profit or loss, what happens is they have a lot of debt because the business is not in accordance with the plans and targets set.
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
This actually should be common sense, keeping record of business helps massively, but unfortunately so many people out there, more over the small business don't really know the importance of keeping the record, that's why sometimes they have hard time filling taxes, and therefore sometimes got penalty, there are many accounting app out there that even someone that don't have much knowledge in accounting could use, even if it's business that directly deal with customers the ins and outs usually already accounted automatically if they used such apps like payment apps, so I don't think there's any reason to not keep the records of the business. moreover this data might also helps for finding potential investors for expanding the business.
that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine. but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.
on having one just because you are that confident that you are making money which might result into that kind of confidence which might lead to negative income or profit which is something that it is really that bad for the business. Having those tracks could give out the idea on which part you are really that spending the most, to maximize profitability then it would be normal that you would really be needing to cut off some expenses or spendings on which you could possibly see to make things more way better.
This is why its really that recommendable to have a record because if not, then you would lost off track if there's something wrong. On the time that you would be having questions on where expenses do go
or too much spending and if you dont have some tracks or records then there's no way on finding out on which it would really be bad for the business if it would continue.
also if one has difficulty doing that - they should make a specific goal and should be very particular in achieving it
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.
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.
This actually should be common sense, keeping record of business helps massively, but unfortunately so many people out there, more over the small business don't really know the importance of keeping the record, that's why sometimes they have hard time filling taxes, and therefore sometimes got penalty, there are many accounting app out there that even someone that don't have much knowledge in accounting could use, even if it's business that directly deal with customers the ins and outs usually already accounted automatically if they used such apps like payment apps, so I don't think there's any reason to not keep the records of the business. moreover this data might also helps for finding potential investors for expanding the business.
that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine. but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.
on having one just because you are that confident that you are making money which might result into that kind of confidence which might lead to negative income or profit which is something that it is really that bad for the business. Having those tracks could give out the idea on which part you are really that spending the most, to maximize profitability then it would be normal that you would really be needing to cut off some expenses or spendings on which you could possibly see to make things more way better.
This is why its really that recommendable to have a record because if not, then you would lost off track if there's something wrong. On the time that you would be having questions on where expenses do go
or too much spending and if you dont have some tracks or records then there's no way on finding out on which it would really be bad for the business if it would continue.
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
This actually should be common sense, keeping record of business helps massively, but unfortunately so many people out there, more over the small business don't really know the importance of keeping the record, that's why sometimes they have hard time filling taxes, and therefore sometimes got penalty, there are many accounting app out there that even someone that don't have much knowledge in accounting could use, even if it's business that directly deal with customers the ins and outs usually already accounted automatically if they used such apps like payment apps, so I don't think there's any reason to not keep the records of the business. moreover this data might also helps for finding potential investors for expanding the business.
that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine. but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.
on having one just because you are that confident that you are making money which might result into that kind of confidence which might lead to negative income or profit which is something that it is really that bad for the business. Having those tracks could give out the idea on which part you are really that spending the most, to maximize profitability then it would be normal that you would really be needing to cut off some expenses or spendings on which you could possibly see to make things more way better.
This is why its really that recommendable to have a record because if not, then you would lost off track if there's something wrong. On the time that you would be having questions on where expenses do go
or too much spending and if you dont have some tracks or records then there's no way on finding out on which it would really be bad for the business if it would continue.
This actually should be common sense, keeping record of business helps massively, but unfortunately so many people out there, more over the small business don't really know the importance of keeping the record, that's why sometimes they have hard time filling taxes, and therefore sometimes got penalty, there are many accounting app out there that even someone that don't have much knowledge in accounting could use, even if it's business that directly deal with customers the ins and outs usually already accounted automatically if they used such apps like payment apps, so I don't think there's any reason to not keep the records of the business. moreover this data might also helps for finding potential investors for expanding the business.
that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine. but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.
This actually should be common sense, keeping record of business helps massively, but unfortunately so many people out there, more over the small business don't really know the importance of keeping the record, that's why sometimes they have hard time filling taxes, and therefore sometimes got penalty, there are many accounting app out there that even someone that don't have much knowledge in accounting could use, even if it's business that directly deal with customers the ins and outs usually already accounted automatically if they used such apps like payment apps, so I don't think there's any reason to not keep the records of the business. moreover this data might also helps for finding potential investors for expanding the business.
The only solution really is for those people who really don't know or have no knowledge of it to invest in POS mostly in stores because they don't have to do the dirty work as they only check the dashboard and see the summary of all that is why here in our country, even though we are in a third-world country, 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.
This actually should be common sense, keeping record of business helps massively, but unfortunately so many people out there, more over the small business don't really know the importance of keeping the record, that's why sometimes they have hard time filling taxes, and therefore sometimes got penalty, there are many accounting app out there that even someone that don't have much knowledge in accounting could use, even if it's business that directly deal with customers the ins and outs usually already accounted automatically if they used such apps like payment apps, so I don't think there's any reason to not keep the records of the business. moreover this data might also helps for finding potential investors for expanding the business.
that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine. but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.
I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.
Actually, if you look further, this is a basic thing that must be owned.Regardless of any expenses and income in the business, it is clear that there must be a record because the benefits of it are clearly very much.
Apart from us not messing around in daily, weekly or monthly reports on the other hand this is also to see the progress of the business we are running whether it is developing or not.
We certainly have to know and manage this well because even though things like this look trivial, this will actually have a very big impact and the risk if we don't do something like this is quite clear, apart from us being confused we also won't know about the progress of what we are doing.
It is a good practice to keep record of your finances - once it is a routine - things are in better shape and form
I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.
Actually, if you look further, this is a basic thing that must be owned.Regardless of any expenses and income in the business, it is clear that there must be a record because the benefits of it are clearly very much.
Apart from us not messing around in daily, weekly or monthly reports on the other hand this is also to see the progress of the business we are running whether it is developing or not.
We certainly have to know and manage this well because even though things like this look trivial, this will actually have a very big impact and the risk if we don't do something like this is quite clear, apart from us being confused we also won't know about the progress of what we are doing.
I don't think so, financial records are not only for business people, financial records are important for anyone, both businessmen, students, workers and even housewives to monitor financial flows, and with that we will have awareness of the money control we have every day, week, month, and yearly.
that is correct and one should have the record being written in whatevery way they right as you mentioned about studets - so they should have it written in their diary how they are spending their pocket money - I encourage my kids to do it by bring good stationary and giving them gift when they do good and save some money in the previous month
Currently I still continue to do things like that because indeed by recording finances like this, I realize that apart from knowing my current financial condition, on the other hand we also realize that this can affect the efficiency of using money which of course with that we can immediately think of several options for the next plan, especially in making decisions whether this will be good or not in the future.
Even though something like this is trivial, the impact is really huge.
I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.
Actually, if you look further, this is a basic thing that must be owned.Regardless of any expenses and income in the business, it is clear that there must be a record because the benefits of it are clearly very much.
Apart from us not messing around in daily, weekly or monthly reports on the other hand this is also to see the progress of the business we are running whether it is developing or not.
We certainly have to know and manage this well because even though things like this look trivial, this will actually have a very big impact and the risk if we don't do something like this is quite clear, apart from us being confused we also won't know about the progress of what we are doing.
I don't think so, financial records are not only for business people, financial records are important for anyone, both businessmen, students, workers and even housewives to monitor financial flows, and with that we will have awareness of the money control we have every day, week, month, and yearly.
Currently I still continue to do things like that because indeed by recording finances like this, I realize that apart from knowing my current financial condition, on the other hand we also realize that this can affect the efficiency of using money which of course with that we can immediately think of several options for the next plan, especially in making decisions whether this will be good or not in the future.
Even though something like this is trivial, the impact is really huge.
This actually should be common sense, keeping record of business helps massively, but unfortunately so many people out there, more over the small business don't really know the importance of keeping the record, that's why sometimes they have hard time filling taxes, and therefore sometimes got penalty, there are many accounting app out there that even someone that don't have much knowledge in accounting could use, even if it's business that directly deal with customers the ins and outs usually already accounted automatically if they used such apps like payment apps, so I don't think there's any reason to not keep the records of the business. moreover this data might also helps for finding potential investors for expanding the business.
Keeping financial record is essential to any kind of business as it helps in monitoring the finacial health of the business, it used to track the operational expenses and income and it help in the decision making of the company when it comes to finances. It also helps filing taxes accurately and avoiding any legal or financial issue. Usually here in my country we need to keep the financial documents in within 5 to 10 years as mandated by the Bureau of Internal Revenue for future audit.
Yes, that is one of the functions of having financial records archived in the long term, we can easily calculate how income and circulation of money and goods increase in our business, we can monitor it in days, weeks, months, quarters and annually and or every shift of season, if we keep financial records in a structured and neat manner we will be able to see differences in financial circulation in business at any given moment or certain season.I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.
Actually, if you look further, this is a basic thing that must be owned.Regardless of any expenses and income in the business, it is clear that there must be a record because the benefits of it are clearly very much.
Apart from us not messing around in daily, weekly or monthly reports on the other hand this is also to see the progress of the business we are running whether it is developing or not.
We certainly have to know and manage this well because even though things like this look trivial, this will actually have a very big impact and the risk if we don't do something like this is quite clear, apart from us being confused we also won't know about the progress of what we are doing.
I don't think so, financial records are not only for business people, financial records are important for anyone, both businessmen, students, workers and even housewives to monitor financial flows, and with that we will have awareness of the money control we have every day, week, month, and yearly.
I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.
Actually, if you look further, this is a basic thing that must be owned.Regardless of any expenses and income in the business, it is clear that there must be a record because the benefits of it are clearly very much.
Apart from us not messing around in daily, weekly or monthly reports on the other hand this is also to see the progress of the business we are running whether it is developing or not.
We certainly have to know and manage this well because even though things like this look trivial, this will actually have a very big impact and the risk if we don't do something like this is quite clear, apart from us being confused we also won't know about the progress of what we are doing.
For sure business would not flourish if the if the record are not uptodate
I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.
Actually, if you look further, this is a basic thing that must be owned.Regardless of any expenses and income in the business, it is clear that there must be a record because the benefits of it are clearly very much.
Apart from us not messing around in daily, weekly or monthly reports on the other hand this is also to see the progress of the business we are running whether it is developing or not.
We certainly have to know and manage this well because even though things like this look trivial, this will actually have a very big impact and the risk if we don't do something like this is quite clear, apart from us being confused we also won't know about the progress of what we are doing.
Keeping financial record is essential to any kind of business as it helps in monitoring the finacial health of the business, it used to track the operational expenses and income and it help in the decision making of the company when it comes to finances. It also helps filing taxes accurately and avoiding any legal or financial issue. Usually here in my country we need to keep the financial documents in within 5 to 10 years as mandated by the Bureau of Internal Revenue for future audit.
Yes, you are right, but what if you lose your business? Do you have a financial record? Or you have a business that you own?If you should have a financial record.
If you have a business that you own,
Complete question.If you have a business that you own,
The reason is that every business founder must have every record of every expense and income. Company cash must be managed as best as possible and for every company or business that you manage, you will definitely make calculations every quarter.
So from that I think if one of the businesses must have records, but depending on the progress process that occurs in the business that you are in, I mean if you have calculated profits this year, that the records will not be important to keep at. Because you will open a new record for the next year.
But if you need a comparison of results in the following year, last year's financial records should be stored as best they can and become history later.
I am a business man myself and I understand how this works, financial record is the most important part of any business, doesn't matter how large or small the business is, which op stated categorically.
I think the same is true in business. Prioritizing spending and setting strict rules about what you can spend can be a great way to stay within a budget. Plus, separating important expenses from discretionary expenses can make it easier to track your finances without feeling overwhelmed. and it's true what my friends say, Good financial management is about making smart choices and working towards your financial goals.
on the other hand some business make fancy stuff but their business fail - that is all the luck and hard work you put in
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