Importance of Business Record Keeping

Written on the 23 March 2017 by Dan Fox, Fox Finance Group

Importance of Business Record Keeping

 

Importance of Record Keeping 

An up-to-date database is one of the most useful resources which can help you when it comes to planning new marketing and sales strategies. Unfortunately, most businesses fail to tap into this resource effectively.

Other business records which must be kept include documents which provide a record of your business transactions, or which enable these transactions to be tracked and verified through the accounting system from start to finish. These include invoices, receipts, cash register tapes, banking records, cheque butts.

The essence of good record keeping is good bookkeeping. Efficient bookkeeping will save you time and money in the long run.

Proper business record keeping provides the business a real advantage over the competition in different ways.

  • It helps you to manage your accounts, interests, taxes and working costs effectively.
  • Tells about cash in hand
  • Act as resource for new strategies.
  • Helps in finding solutions for business issues.
  • Tells about the customer service and employee efficiency.
  • Helps in monitoring company growth rate and profit.
  • How your business performs against your competitors.
  • Tells about hidden and unexpected costs.
  • And most of all it is the most resourceful adviser whenever your business is in serious trouble.

Today's database management and recording keeping solutions make record keeping a simple task. These systems help in digitalizing the whole business data and arrange and keep them in most convenient manner. Now you do not require paper work, large storing facilities become a thing of the past.

Having your business records up to date is also important when it comes time for your business to access the right business loans. Most financiers today will want to be able to get a good understanding of how your business is travelling before lending you money. If you have accurate, current records this will show the financier that you have your business under control and will also give them a great insight into how finance ready your business is. This can also help you when setting up your loan pre-approval.

We specialise in providing finance solutions to small and medium businesses in Australia. Our business has been running since 2006 and has help fund over $50Million in business loans to our customers in that time.

Why Finance Through Us?

Why Choose Us?

At Fox Finance Group, we do all the running around for you. From our initial chat, we organise all the paperwork and guide you through the loan process, saving you time and money. We are confident that the business loan facilities and structures arranged by our team will not only be the right facility for you but will also be the most competitive on the market today. We will also spend the time with you to help you understand your credit score, which in today's lending enviornment could be critical to whether you get your loan or are declined. 

Freedom and Flexibility

We have a wide range of different business loan lenders to choose from which enables us to match your needs to the right loan product. Dependible and Reliable  With decades of experience in our team, we can offer the right advice for your business around debt structuring. Fox Finance Group is an Australian owned family business that has been operating since 2006.

Non-Conforming Lenders

For those customers that don't qualify for traditional bank business loans we can offer non conforming business loan facilities through several alternate funding companies. It's safe to say that we have all bases covered for you!

Do you have a strategy in place in your business to handle this?  If not, speak with one of our Lending Specialists today on 1300 665 906.

Learn more about the Author Dan Fox.


Author: Dan Fox, Fox Finance Group