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Topic: Always Have a financial record in whatever business you own - page 4. (Read 1339 times)

hero member
Activity: 1792
Merit: 507
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.
these days we are losing our minds because we are not getting enough money in business
not a good time to discuss this rather if there is anyway to earn more money that would be a great help though
full member
Activity: 1050
Merit: 109
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.
correct - and that is the real essence of the business
Checking the finances and taking care of finances in you business is the art of every business
member
Activity: 224
Merit: 25
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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.
sr. member
Activity: 2226
Merit: 347
Identify income sources and reduce unnecessary expenses:

This is the importance i would definitely be saying because having some track would really be giving out some idea on where you do spend your money or specially on outgoing transactions.
In this case you would be able to see if you are spending that much or really just that in limit. This is where people do always miss out and in the end of the day you would really be having those questions on where
those funds go if you dont have that tracking.

In any business then it would really be that crucial specially into those things which had been said or mentioned on OP which it would really be just that worth for you to mind off
on following those at least. Its the basic stuff on where it would really be just that recommendable on doing so specially when you are really that serious
on having that kind of target or goal in your business to progess.
full member
Activity: 1050
Merit: 109
This is one of the most basic and most fatal mistakes you could commit to your budding business as a learning entrepreneur, not keeping tabs and checks of your financial records. As what OP have said, that's how you know if over time, your business is bleeding money or it's turning a profit, as well as what product/service the problem/blessing is coming from. Not only will a financial record help you keep track of how your business is growing, it also helps you formulate plans that are in line with what you need at the moment, instead of rushing in and changing things from your business blindly and belligerently. You can never go wrong with keeping records of expenses and profits really. That's going to be your best friend if you're an entrepreneur that recently just started, heck even seasoned entrepreneurs know how important this is.

This financial record is really important, because this is where you can see your input and output when you run the business. At least you will also know what you should do more if your income increases or decreases.

       This will be our proof of evidence when, for example, there is a problem in running your business, because without it you will have no basis and basis in case of a problem, it's that simple to understand.
I get my grocery from a store near by and the best thing the shop owner does is write all the amount people lead from it
this is by far the best practice I have seen
hero member
Activity: 1792
Merit: 507
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.
that is the main thing in business - managing finances well. Some people are managing business and finances so well without even computer and internet
they do it simply on their diary but they do well = it is all the number game and dealing with it is an art
full member
Activity: 1204
Merit: 110
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.
me too - but sometime we lose track of it. But many lesson we learn from the mistakes we do it.
I have now forcefully made myself realize that I have to keep track of my finances
copper member
Activity: 1316
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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.
full member
Activity: 1204
Merit: 110
This is one of the most basic and most fatal mistakes you could commit to your budding business as a learning entrepreneur, not keeping tabs and checks of your financial records. As what OP have said, that's how you know if over time, your business is bleeding money or it's turning a profit, as well as what product/service the problem/blessing is coming from. Not only will a financial record help you keep track of how your business is growing, it also helps you formulate plans that are in line with what you need at the moment, instead of rushing in and changing things from your business blindly and belligerently. You can never go wrong with keeping records of expenses and profits really. That's going to be your best friend if you're an entrepreneur that recently just started, heck even seasoned entrepreneurs know how important this is.

This financial record is really important, because this is where you can see your input and output when you run the business. At least you will also know what you should do more if your income increases or decreases.

       This will be our proof of evidence when, for example, there is a problem in running your business, because without it you will have no basis and basis in case of a problem, it's that simple to understand.
that is correct and that is how you make your game plan for your future move.
one thing which I believe is very important in dealing you finances in honesty
sr. member
Activity: 1358
Merit: 268
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This is one of the most basic and most fatal mistakes you could commit to your budding business as a learning entrepreneur, not keeping tabs and checks of your financial records. As what OP have said, that's how you know if over time, your business is bleeding money or it's turning a profit, as well as what product/service the problem/blessing is coming from. Not only will a financial record help you keep track of how your business is growing, it also helps you formulate plans that are in line with what you need at the moment, instead of rushing in and changing things from your business blindly and belligerently. You can never go wrong with keeping records of expenses and profits really. That's going to be your best friend if you're an entrepreneur that recently just started, heck even seasoned entrepreneurs know how important this is.

This financial record is really important, because this is where you can see your input and output when you run the business. At least you will also know what you should do more if your income increases or decreases.

       This will be our proof of evidence when, for example, there is a problem in running your business, because without it you will have no basis and basis in case of a problem, it's that simple to understand.
newbie
Activity: 28
Merit: 0
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,
full member
Activity: 1204
Merit: 110
There are many more benefits of keeping financial records and I know it's not the most exciting part of your business but it is essential to your business. It doesn't matter how small your business is, be it, laundry, hair salon, boutique, online store, etc, always keep financial records.
This is a message from a local entrepreneur in my area. He boldly declares that 'complete and valid financial reports are the most important thing in this company.' He is known for being meticulous in tracking every expense in his businesses. In fact, he is the type of entrepreneur who will inquire about small amounts of money even if his company's net revenue is already significant.

This message seems to have a profound meaning. What I have gathered from it so far is that cultivating complete financial reports is crucial for any company, whether it is small or large, that wishes to have significant growth. The key is detailed tracking of income and expenses.
that is correct - the detail tracking of the income and expenses is important.
And taking the notes and not doing the mistake is also an important thing to be kept in mind.
hero member
Activity: 1792
Merit: 507
writing the record is a good practice - and some people like me are too lazy and dumb that they wont do it time
I try my best but I forget to do so all the time.
Keep your important expenses separate every time you get paid. Then you will have freedom that you can spend the rest as you like. Even after that, you can make strict rules on what you can spend the rest. Don't spend on things that aren't important. That way, even if you don't keep a record, you won't have to worry that much.
This will make your life more easy and hopefully, as said before, you can also save some in the end which will help you in the future. It's as simple as that. Choose your priority and work for that.
That is one of the best thing advices I have read so far.
Managing priority in work is also an important thing.
hero member
Activity: 1358
Merit: 538
paper money is going away
There are many more benefits of keeping financial records and I know it's not the most exciting part of your business but it is essential to your business. It doesn't matter how small your business is, be it, laundry, hair salon, boutique, online store, etc, always keep financial records.
This is a message from a local entrepreneur in my area. He boldly declares that 'complete and valid financial reports are the most important thing in this company.' He is known for being meticulous in tracking every expense in his businesses. In fact, he is the type of entrepreneur who will inquire about small amounts of money even if his company's net revenue is already significant.

This message seems to have a profound meaning. What I have gathered from it so far is that cultivating complete financial reports is crucial for any company, whether it is small or large, that wishes to have significant growth. The key is detailed tracking of income and expenses.
hero member
Activity: 1554
Merit: 877
In general planning is needed when starting to build a business, whether it is a big or small business that you are running. An important lesson in building a business is to have a special record of incoming and outgoing financial flows, so that you can evaluate each year the development of your business, this is important and cannot be forgotten for a businessman.

There are many more benefits of keeping financial records and I know it's not the most exciting part of your business but it is essential to your business. It doesn't matter how small your business is, be it, laundry, hair salon, boutique, online store, etc, always keep financial records.
Everyone has to start small to grow in business, you can't open a big business if you don't have experience in that field, even if you have big capital to start. The concept of running a business is not easy, it takes a lot of resources for you to set it as a standard, even if the business you are running is small.

Financial records or whatever the name is, is an obligation in business, from here you can consider whether the business being run has increased profits or not and you can monitor immediately what are the shortcomings of the business.

I have always wanted to organize something like a free seminar and educate the owners of small businesses in my community about this but I'm a very introverted and shy person so I don't know how to go about it, please I will appreciate ideas. 
Public speaking is an important literacy for someone who intends to educate others, when you don't master the conversation you want to convey to people, it will actually look ridiculous when you speak, moreover you are a typical shy person.

So what can you do?
1. Practice standing in public so you don't get nervous.
2. Pay attention to your appearance when giving material to others.
3. Master the audience as the person you want to give material to.
4. Take part in seminars that teach about leadership and invite lots of people to discuss so that it expedites your way of speaking in front.
5. Praying is the last key when you start standing in front before giving material.
sr. member
Activity: 1008
Merit: 366
writing the record is a good practice - and some people like me are too lazy and dumb that they wont do it time
I try my best but I forget to do so all the time.
Keep your important expenses separate every time you get paid. Then you will have freedom that you can spend the rest as you like. Even after that, you can make strict rules on what you can spend the rest. Don't spend on things that aren't important. That way, even if you don't keep a record, you won't have to worry that much.
This will make your life more easy and hopefully, as said before, you can also save some in the end which will help you in the future. It's as simple as that. Choose your priority and work for that.
full member
Activity: 1050
Merit: 109
It is definitely a very important issue. Especially in countries with high inflation, people should keep these financial records. Because when there is uncertainty in front of their business, it is difficult to move forward. When you keep financial records, you can clearly see expenses and revenues. In this way, you can plan the steps to be taken more solidly. These financial records also reveal your unnecessary expenses and allow you to take precautions. Both our own unnecessary spending and price increases in inflationary countries force us to keep financial records. I would like to share a quote about this situation.

Rowing in the dark is not the same as rowing in the light.
it is good practice to write what you deal - most of the time your forget what where you have spent and what you have committed.
Best practice I agree is to keep a written record.
hero member
Activity: 1792
Merit: 507
It is always good to have a plan for the future. Even if we make a plan, sometimes it gets hard to follow that plan. For a situation like this, we need a saving. I was also spending more than what I needed. And in the end, was facing some similar problems.
So how I have fixed the issue, let me tell you here. At the end of the every month, I separate the amount of money I am going to need for the next month. Then I keep it safe and won't touch that no matter what happens. And with the rest of the money, I can spend it which ever way I like. Gives me much more freedom in life.
I am not suggesting that you should spend the rest of the money carelessly. It's just easy to maintain a life on regular basis. Spend wisely, make a plan, stick to it. Life will be more fun that way. Also, if you are able to do it properly, you will end up with some extra money as well, who knows.
writing the record is a good practice - and some people like me are too lazy and dumb that they wont do it time
I try my best but I forget to do so all the time.
sr. member
Activity: 1008
Merit: 366
It is always good to have a plan for the future. Even if we make a plan, sometimes it gets hard to follow that plan. For a situation like this, we need a saving. I was also spending more than what I needed. And in the end, was facing some similar problems.
So how I have fixed the issue, let me tell you here. At the end of the every month, I separate the amount of money I am going to need for the next month. Then I keep it safe and won't touch that no matter what happens. And with the rest of the money, I can spend it which ever way I like. Gives me much more freedom in life.
I am not suggesting that you should spend the rest of the money carelessly. It's just easy to maintain a life on regular basis. Spend wisely, make a plan, stick to it. Life will be more fun that way. Also, if you are able to do it properly, you will end up with some extra money as well, who knows.
hero member
Activity: 1792
Merit: 507
It is definitely a very important issue. Especially in countries with high inflation, people should keep these financial records. Because when there is uncertainty in front of their business, it is difficult to move forward. When you keep financial records, you can clearly see expenses and revenues. In this way, you can plan the steps to be taken more solidly. These financial records also reveal your unnecessary expenses and allow you to take precautions. Both our own unnecessary spending and price increases in inflationary countries force us to keep financial records. I would like to share a quote about this situation.

Rowing in the dark is not the same as rowing in the light.
sometime life is so bitter and sometime you don't know where you are heading towards?
In our country inflation is definitely very high. Its a good idea to have keep the records if your have good finances and if not then you should also write it to cut down the expenses.
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