Importance of Business Record Keeping
Written on the 5 February 2020 by Dan Fox, Fox Finance Group
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.
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.
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The team at Fox Finance Group are experts in helping people understand the information on their credit file. We also provide you a copy of your detailed credit file as a free service, because we believe that it's super important to really understand everything they need to know about their credit file and credit score. You can rest assured that speaking with one of our team and having us help you understand your Credit File and Credit Score will not negatively impact on your current score.
As we are not a lender, with your permission, our enquiry that we can make on your behalf to retreive your Credit File does not affect your file in the same way a bank's or alternative lender's does. This is why it is so important to speak with one of our qualified Lending Specialists before you make any enquiries to the bank or any other lenders. It is likely that we will have access to these banks and lenders on our panel anyway, so if you do choose to proceed with a finance application at some point with us, we can help you get the best loan deal from over 50 banks and other lenders that we have access to.
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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.
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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.
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
About: Founding Director - Fox Finance Group