How To - Keep Track of your Business Records

It is impossible to keep track of how the business is running unless there are adequate business records being kept. By law, certain records must be kept by every business in order to enable the ascertaining of profits for taxation purposes etc.

Many small businesses feel that the only objective of keeping records is to meet the minimum legal requirements. This is wrong. Most small businesses still end up making good profits without good records.

However what they don’t realise is that they could be missing out on many opportunities for higher profits, by not being kept “fully in the picture” due to poor records.

In today’s competitive marketplace, you can’t afford to run a profitable business without accurate and complete business records. Well kept records are a management tool that assists in losses, managing cash etc. Accurate records are essential when putting together information for a loan application or for the sale of the business.

If you are unsure of proper recordkeeping we suggest you discuss fully with your accountant at the beginning when setting up in business so your records are correct right from the start.

The accounting ...

Membership required (FREE)

The rest of this article is freely available to StartRunGrow members.
Not a member? Join Here - Its FREE!

How To

Back to Menu