Importance of business record keeping

[Carpon]

So many people disregard record keeping nowadays and decide to shift it aside even in business. But of course business record keeping is very important and has a lot of advantages attached to it. Here are some ways in which it's advantages play out.

✓ Record is what will help you know the status of a business. Without record, you won't know your business's income, expenditures, losses and profits. This makes record keeping very important in business decision making.

✓ It helps in tracing faults. Some business workers may take advantage of their position for their personal gains. When records are properly kept, it can be helpful in detecting such sort of things and tracing their root source.

✓ Records are also helpful in the aspect of making improvements on business. You can see the areas a business need to be improved upon from it's previous records and make the necessary improvements. This is possible because record is been kept.

 

[Etini]

The importance of keeping records in any business cannot be overemphasized. It is very important to document the things going on in your business. There is only so much that the brain can carry. Ironically, in the part of the world where I live, people tend to discount the importance of keeping business records. And that is the reason why so many businesses fail in the first few years. Business needs strategy and it is only from your record that you can a certain of the true position of your business, so you can draw up a strategic plan for the nearest and distant future.

I once asked a businessman about the cost of production for a unit of a product he is producing. The man couldn't tell me a range. I was left wondering how he sets his prices. There is a serious need for businesses, no matter how small to start keeping records.

 

[moonchild]

Keeping record is very Important because that is how you can keep track of what you've done and what your next move is going to be, records also shows your expenses and your overall burn rate.



Keeping record is very easy nowadays with softwares you can keep records and have access to them through your mobile phone dynamically.



Record keeping has been in existence for a very long time, it's very essential.



I like keeping records like journals, even if it is not monetary, anything significant that happens in my business I'd like to keep track of it, because sometimes you'd like to get back to it and make some decisions based on it, or when you want to make some references or purchases, it does come in handy .



I don't honestly even think business is even possible without record keeping it is as essential as keeping a positive cash flow

 

[Jasz]

Business record-keeping is vital for a company's long-term success. It involves documenting all financial transactions and keeping track of important paperwork such as invoices, receipts, and contracts. Accurate record-keeping provides the necessary data to track the financial performance of a business, allowing business owners to make informed decisions regarding growth and investment opportunities. Moreover, it helps to avoid costly mistakes, such as duplicate payments or missed payments.

Accurate record-keeping also ensures compliance with tax laws and regulations, which is essential for avoiding legal issues and penalties. Keeping accurate business records is essential for the efficient and effective operation of a business, making it a top priority for any organization.