Always Have a financial record in whatever business you own - page 8.

Jody.Drummer

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Quote from: Silberman on March 29, 2023, 11:40:47 PM

Quote from: Jody.Drummer on March 29, 2023, 01:16:55 PM

Quote from: D ltr on March 26, 2023, 04:53:56 PM

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.

What happens is that keeping financial records may seem like a boring and unnecessary thing to do to most people, and yet something as simple as this is necessary to keep a healthy business, otherwise it would be impossible for the business owner to tell if they are spending their money as they should or if they are overpaying for a particular product or service, and the differences in price when it comes to products and services can be massive depending on the provider they have decided to use, to the point this single aspect can affect the long term viability of any business.

Here's the point. We can't do something big if we still miss small things because when we want to do good business, we have to start everything neatly even if it's the smallest thing, things like that shouldn't be missed because it could be from the smallest thing. this is what will be the big difference between doing it or not.
At least with records like this we will know the data that we can use as benchmarks to make our business even better.

speedy963

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Quote from: Silberman on March 29, 2023, 11:40:47 PM

Quote from: Jody.Drummer on March 29, 2023, 01:16:55 PM

Quote from: D ltr on March 26, 2023, 04:53:56 PM

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.

What happens is that keeping financial records may seem like a boring and unnecessary thing to do to most people, and yet something as simple as this is necessary to keep a healthy business, otherwise it would be impossible for the business owner to tell if they are spending their money as they should or if they are overpaying for a particular product or service, and the differences in price when it comes to products and services can be massive depending on the provider they have decided to use, to the point this single aspect can affect the long term viability of any business.

Big profit or not from a business is still considered profit. Keeping record to keep track about the expenses and earning is maybe too much for other people, even I would say it is an annoying task to deal with, but without it sometimes you lost track of all the past expenditures and earnings if you have so much in mind or perhaps you are just too busy with your day to day life. It may be nonsense for me or even some other business owners but believe me when I say that time will come when you will needing those records.

Silberman

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Quote from: Jody.Drummer on March 29, 2023, 01:16:55 PM

Quote from: D ltr on March 26, 2023, 04:53:56 PM

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.

What happens is that keeping financial records may seem like a boring and unnecessary thing to do to most people, and yet something as simple as this is necessary to keep a healthy business, otherwise it would be impossible for the business owner to tell if they are spending their money as they should or if they are overpaying for a particular product or service, and the differences in price when it comes to products and services can be massive depending on the provider they have decided to use, to the point this single aspect can affect the long term viability of any business.

Jody.Drummer

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Quote from: D ltr on March 26, 2023, 04:53:56 PM

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.

n0ne

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Quote from: Yatsan on March 27, 2023, 05:12:47 PM

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.

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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.

dothebeats

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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.

GeorgeJohn

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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.

D ltr

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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

wiss19

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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.

Frankolala

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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.

Silberman

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Quote from: so98nn on March 25, 2023, 12:09:39 PM

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.

Whether you get this knowledge through the school system depends on where you live, personally I think accounting principles should be taught at a very early age, after all governments are expecting people to work for the majority of their lives, so people might as well learn how to use their money in more effective ways, but in many countries that knowledge is not taught until you get to college, giving a massive advantage to those that reach that level of education over those that do not.

Iroh

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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.

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Quote from: Fakhrulenclix on March 23, 2023, 02:49:21 AM

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.

bittraffic

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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.

Anonylz

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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.

alastantiger

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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.

so98nn

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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.

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Quote from: carlfebz2 on March 23, 2023, 04:59:30 PM

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.

DainSLane

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In my opinion Keeping accurate financial records is crucial for any small business to succeed. It help with understanding the progress of the business identifying income sources reducing unnecessary expenses, and achieving regulatory compliance. The leverage social media platforms for promotion with a local university or college to host the event

Topic: Always Have a financial record in whatever business you own - page 8. (Read 1400 times)