Topic: Always Have a financial record in whatever business you own - page 8. (Read 1339 times)
I think financial records are the key to the success of a business. I can't imagine running a business without keeping financial records. How do we do monthly and yearly analysis. because by doing annual and monthly analysis we know how our business is developing, whether it is healthy or not, that way we can make choices about the future of our business.
having business financial records is very important because we can see how much profit we get per day, week, month and yearly. This applies to all types of businesses, I think, whether it's big or small,
this is often taken for granted, but this is what can make a small business big in the future
Of course financial records are things that must be very concerned, they will determine the fate of the business that we run. If we do it wrong then what is at stake is our own efforts. Financial records must be done every day and record the slightest transaction made in our business. Many entrepreneurs fail because they fail to do so, it looks simple, but the impact will be huge for our business. Precisely things that seem easy this will be difficult if we are not good at managing it. We can follow the example of big companies, they are successful because they are very good at doing this.this is often taken for granted, but this is what can make a small business big in the future
At least with records like this we will know the data that we can use as benchmarks to make our business even better.
having business financial records is very important because we can see how much profit we get per day, week, month and yearly. This applies to all types of businesses, I think, whether it's big or small,
this is often taken for granted, but this is what can make a small business big in the future
Of course financial records are things that must be very concerned, they will determine the fate of the business that we run. If we do it wrong then what is at stake is our own efforts. Financial records must be done every day and record the slightest transaction made in our business. Many entrepreneurs fail because they fail to do so, it looks simple, but the impact will be huge for our business. Precisely things that seem easy this will be difficult if we are not good at managing it. We can follow the example of big companies, they are successful because they are very good at doing this.this is often taken for granted, but this is what can make a small business big in the future
having business financial records is very important because we can see how much profit we get per day, week, month and yearly. This applies to all types of businesses, I think, whether it's big or small,
this is often taken for granted, but this is what can make a small business big in the future
Of course financial records are things that must be very concerned, they will determine the fate of the business that we run. If we do it wrong then what is at stake is our own efforts. Financial records must be done every day and record the slightest transaction made in our business. Many entrepreneurs fail because they fail to do so, it looks simple, but the impact will be huge for our business. Precisely things that seem easy this will be difficult if we are not good at managing it. We can follow the example of big companies, they are successful because they are very good at doing this.this is often taken for granted, but this is what can make a small business big in the future
having business financial records is very important because we can see how much profit we get per day, week, month and yearly. This applies to all types of businesses, I think, whether it's big or small,
this is often taken for granted, but this is what can make a small business big in the future
Of course financial records are things that must be very concerned, they will determine the fate of the business that we run. If we do it wrong then what is at stake is our own efforts. Financial records must be done every day and record the slightest transaction made in our business. Many entrepreneurs fail because they fail to do so, it looks simple, but the impact will be huge for our business. Precisely things that seem easy this will be difficult if we are not good at managing it. We can follow the example of big companies, they are successful because they are very good at doing this. this is often taken for granted, but this is what can make a small business big in the future
Tracking or monitoring the cashflow in a business should be a must to all business owners out there. It would also promote discipline and will help you make costing, more efficient. The usual problem with businesses are not being able to track the amount of profit and expenses which results to lack of sustanability for the business in general. Money runs a business, give a valid reason why being organized about it should be disregarded. If you would be able to determine losses, gains, expenses, and other billings, it would also allow you to plan and analyze what have gone wrong and give you enough time to fix the mistakes occured for that particular week or month.
Financial record is a must in our personal family life as well as for business. When it comes to family when the income increases automatically the expense too goes high. This shouldn't happen and this is possible through maintaining financial record. At times we'll have additional expenses and the months saving gets decreased. Through the financial record it can be easily identified and the spending can be limited on the next month.With business financial record helps in maintaining the stocks in a perfect way. Through this we can order for raw material or necessary things at the right time. Important thing financial record, it is much useful during the year's audit for tax submission.
Tracking or monitoring the cashflow in a business should be a must to all business owners out there. It would also promote discipline and will help you make costing, more efficient. The usual problem with businesses are not being able to track the amount of profit and expenses which results to lack of sustanability for the business in general. Money runs a business, give a valid reason why being organized about it should be disregarded. If you would be able to determine losses, gains, expenses, and other billings, it would also allow you to plan and analyze what have gone wrong and give you enough time to fix the mistakes occured for that particular week or month.
This should be the norm. If you don't do this then you're bound to lose your business and may even get legal trouble as well. Businesses are expected to keep track of their profits and expenses. From an operating standpoint, it helps one to check whether they need to make adjustments on something in order to give another thing the headroom to work flawlessly. It is a tedious task, that's why you hire experts to do it for you. Though once you have it all sorted, expect that you'll also have less problems in finance and all that kind of stuff.
Do you know one thing that affect people in their localities, it's due to lack of understanding and lack of saves, some business crash today due to lacks of managerial functions, if you don't have record or personal determination towards saves in business, theirs no tendency that you can renew whatever that's obtainable in your business, A business needs to allocate a specific amount that will be going for refill of business items or goods before it can be standard.
having business financial records is very important because we can see how much profit we get per day, week, month and yearly. This applies to all types of businesses, I think, whether it's big or small,
this is often taken for granted, but this is what can make a small business big in the future
this is often taken for granted, but this is what can make a small business big in the future
You are probably right that there are a lot of business owners, especially small ones, who don't always keep a record of their finances, and they just keep spending from the money that comes in from their business which is the reason why they can't keep up with the bills, rents, etc. at the end of the month. It is a very big mistake, even if you don't keep records, it is never a good thing to take and spend money from the money that comes in through the business.
Small business owners, like those vendors who sell things on the road or run small shops, even they should keep a record but even if they don't, they should at least don't take out any money from the daily earnings so that they can at least keep a count of the daily revenue at the end of the day.
Small business owners, like those vendors who sell things on the road or run small shops, even they should keep a record but even if they don't, they should at least don't take out any money from the daily earnings so that they can at least keep a count of the daily revenue at the end of the day.
OP, you must be a good business person with all that you have said. So many small scale businesses ignore financial records and this is what is very important for any business to grow.
Financial record is also important for future purpose,it will also enable you give accurate record of your business at the end of the year and to plan for the next year ahead. Industries and companies understand all these and that is why they are practising it.
Financial record is also important for future purpose,it will also enable you give accurate record of your business at the end of the year and to plan for the next year ahead. Industries and companies understand all these and that is why they are practising it.
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You don't have to be a big corporation before you keep a record of your daily financial transactions.
This caught my eye more than anything else. There should be lessons about maintaining accounting books for ab individual as well and it should be taught way way early. I am pretty much sure this can change many things in a persons life. I believe this practice is already there in the developed countries like US and Europe? Not sure but looking at the movies and series they do teach kids on how to manage the expenses and everything. This can only benefit them to survive alone without any support.
Those who think they are doing just fine with the expense management could be very wrong. I have tried to do such savings over long period of time but it doesn’t work that way. Somehow you end up doing lot of expenses which are unwanted. There needs strict policies and you should be loyal with them to have long term savings. It helps.
I wholly agree with you on the need to have an accurate financial record for a business, irrespective of if it’s a small business or a big one. It really doesn’t matter if you’re just starting up your little business or you’re the owner of a multinational corporation, you just need to have a financial record of your business.
Having an accurate record of your business transactions would, like you stated let you know if you’re running at a loss or you’re making some profits. Also, I think a clear record of your business would also improve your chances of being granted a loan from the bank for your business.
About your friend you mentioned, i think not having an accurate financial record of his business may not be the only cause of him not being able to pay his rent. Apparently he’s skilled at his job and gets a lot of patronage, where then is the money going to? Perhaps, he may be spending his money a lot faster than he can get more and a good financial record of his business might just put him in the right track.
Having an accurate record of your business transactions would, like you stated let you know if you’re running at a loss or you’re making some profits. Also, I think a clear record of your business would also improve your chances of being granted a loan from the bank for your business.
About your friend you mentioned, i think not having an accurate financial record of his business may not be the only cause of him not being able to pay his rent. Apparently he’s skilled at his job and gets a lot of patronage, where then is the money going to? Perhaps, he may be spending his money a lot faster than he can get more and a good financial record of his business might just put him in the right track.
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.
As much as I want to also see where my spending goes in a household, one can only assume it goes to food and utility bills. These are all important to living in a house. In order for me to make this record, it will add another time loss for resting.
For a businessman who owns works as a barber and manages a barbershop, he will need one more skill such as simple spreadsheet bookkeeping. A tiresome job but as important as learning to see things before the business fails.
I also have a close friend who engage in petty trade, the only record she keeps that i know of is the debt record, because she have different people buying some of her items on credit so she only bother about keeping records of her debtors. I guess by doing this she can already be able to know her cost, expenses and profit.
Keeping records is very important but some business owners may sees it as time consuming and may not be interested in doing so even if it will be very helpful for the growth of their business. This can also apply to none business owner, anyone can keep record of their daily expenses which can help them to plan properly.
Keeping records is very important but some business owners may sees it as time consuming and may not be interested in doing so even if it will be very helpful for the growth of their business. This can also apply to none business owner, anyone can keep record of their daily expenses which can help them to plan properly.
Records are crucial documents that must be maintained. Maintaining financial records is very crucial for any organization or business since it allows you to understand if your operations are profitable or not. I own a little shop where I sell things. At first, I didn't keep records since I told myself there was no need to keep records since the business was solely mine. I thought i wouldnt be needing any records for my business. But by keeping track of my finances, I can determine at the end of each week whether or not my firm is expanding or not.
It helped me cut down my unneccessary spending.
In every business, financial records are very important.
It helped me cut down my unneccessary spending.
In every business, financial records are very important.
Quote
You don't have to be a big corporation before you keep a record of your daily financial transactions.
This caught my eye more than anything else. There should be lessons about maintaining accounting books for ab individual as well and it should be taught way way early. I am pretty much sure this can change many things in a persons life. I believe this practice is already there in the developed countries like US and Europe? Not sure but looking at the movies and series they do teach kids on how to manage the expenses and everything. This can only benefit them to survive alone without any support.
Those who think they are doing just fine with the expense management could be very wrong. I have tried to do such savings over long period of time but it doesn’t work that way. Somehow you end up doing lot of expenses which are unwanted. There needs strict policies and you should be loyal with them to have long term savings. It helps.
Having a record would really give out idea whether you had progressed or not.Its a must thing as a businessowner because we've put our money into this investment which it would really be just right that you should really be having that good track of it.You cant just be that careless or doesnt mind on what are your expenses and other factors which would really be in related to business. If you do set out proper plans and proper handling with your business then dont expect for something positive. You would really be living on having that continuous losses and might ending up on a demise of your business.
This is true, you could see your improvement by just simply storing your business records. Companies could also use them in the future for emergency purposes like let's say for example they got blamed and had to attend courts. You can show them your past records in the trial as a proof of your legitimately of your company. Records about transaction could be also useful incase you needed them. For my experience, I have a small convenience store before and I always have record of payments, bills and business permits. Few people from there always questioning about why suddenly I opened a business and they want to close it down. If only they knew that before I opened up my business I already fixed the papers for the business so I printed it out pasted it outside my store. Also I have a customer who tried to scam me with digital payment where they have to sign the log first before payment which it records the previous transactions. Then like weeks later she came back saying that she'd still haven't got the money where I showed to her to records she'd signed up and she silently leaves.
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