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 the most useful resource in planning new marketing and sales strategies. Unfortunately, most business managers fail to give bookkeeping due to importance and their campaigns end in tragedies.

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 places of morning to evening document searches.

Do you have a strategy in place in your business to handle this?

If you would like to have someone in your corner to help with this, now is a great time to touch base with our Qualified and Trust Business Advisor, Quentin, from our Financial Planning Team to work out the best plan for you and your business. 


Author: Dan Fox, Fox Finance Group