Benefits of checking the account records regularly

Whether you have an account officer or not, it is pertinent to always check your account records. There are a lot you can benefit from doing this either weekly or bi-weekly. The following are the benefits that can be derived:

• The first benefit is detecting recording mistakes very fast; this will help keep the records error-free
• You will know your actual profit at a particular period, to over withdraw money even including the capital
• If there’s any criminal activity ongoing, it can be detected and curb on time
• You can access the financial strength of the business, whether it is really making the needed progress

When I had my business the transactions are all recorded in a log book. It has 2 columns – one column is for the outgoing money and the other colum is for the incoming money. The total of the outgoing minus the total of incoming plus the beginning cash balance is the actual cash that should be in the coffers. My checking is usually every Friday but sometimes I check the books randomly just to be sure that I am not amiss with the cash count. It is important to keep track of the transactions to have an accurate reading of the performance of the business.

One of the reason to be checking the account record regularly are:
(1) To know the financial Strenght and weakness of the business.
Sometimes you do this so that you can know may be your business is still making gain or Loo's so that one can address the issues before its get out of hand.
(2) To detect any error that might have been committed during transaction whether celebrate by the workers or not delebrate.
(3) To detect if any fraud had been committed through ommition or commission.
(4) To measure the past event with the present situation of the company or the entity.

You are also aware of the financial position of the company. You know the unit head cost of each employee and the financial value they bring in. You can also detect fraud as early as possible before it is committed. It makes one to be totally in charge of the business. Record checking puts everyone in check amd makes them know that you are upstanding and would detect any blip on anyone's part.

Human beings are fallible. We always make error of omissions or commission. That's why regular checking of records is advised. Besides, to the business owners that employ workers, checking your records is a way of checking the activites of some idle workers. There are some workers that are not contributing to the success of the business. When you keep and check records regularly, you can easily detect these type of workers. Then you will know the next line of action to be taken to correct the anomalies.

It is right to check the records regularly if possible. Although, I don't have a business now as I am a college student but since I have been to the world of online earning from the last 6 months, it's beneficial to check. It helps you to understand the earning done in a particular interval of time. It can make good at judgement of our errors in the work.
At the end, it will help us in being efficient. And if some problem is there with the system, we can get updates regarding that too very soon.

Augusta said:

Whether you have an account officer or not, it is pertinent to always check your account records. There are a lot you can benefit from doing this either weekly or bi-weekly. The following are the benefits that can be derived:

• The first benefit is detecting recording mistakes very fast; this will help keep the records error-free
• You will know your actual profit at a particular period, to over withdraw money even including the capital
• If there’s any criminal activity ongoing, it can be detected and curb on time
• You can access the financial strength of the business, whether it is really making the needed progress

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Any business without records its very easy for it to collapse. It will be very difficult to monitor any activities going on the business. To manage funds in any business there must be transparency and all cash should be done in receipts and make sure you record any cash coming in and out.

Another thing is you should also have a record of all your employees plus you should have a book that every employee should sign in and sign out. This will help to monitor the movements of all your workers and will also discourage absenteeism of all employees. Anyone who cannot afford to come must always ask for permission from his or her supervisor.

Record keeping should always be done on daily basis and if possible every week you should update your records. All books should be kept well and I'll advice to use computer for record keeping in that it utilises small space plus easy to store large amounts of information.

Record keeping and checking is a very important part of any business.
When I have a business I will never forget that two. It helps you to know the strength of your business,the money you are making and some idle workers you might have. Imagine a business that doesn't have a sign in and sign out file of it workers

btaliat said:

Human beings are fallible. We always make error of omissions or commission. That's why regular checking of records is advised. Besides, to the business owners that employ workers, checking your records is a way of checking the activites of some idle workers. There are some workers that are not contributing to the success of the business. When you keep and check records regularly, you can easily detect these type of workers. Then you will know the next line of action to be taken to correct the anomalies.

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I like your last paragraph which is one of the areas that a business owner must into seriously. Idle or non-productive workers don’t only make the working of a business cumbersome, since they are idle but they also take away financially from the business. It will be drain a business very faster, paying maybe about 4-5 workers that are not contributing a dime to the financial progress of a business. The owner might not know this by mere looking at them, the account book will tell this in a breeze