Always Have a financial record in whatever business you own

[Cryptock]

writing the record is a good practice - and some people like me are too lazy and dumb that they wont do it time
I try my best but I forget to do so all the time.

Keep your important expenses separate every time you get paid. Then you will have freedom that you can spend the rest as you like. Even after that, you can make strict rules on what you can spend the rest. Don't spend on things that aren't important. That way, even if you don't keep a record, you won't have to worry that much.
This will make your life more easy and hopefully, as said before, you can also save some in the end which will help you in the future. It's as simple as that. Choose your priority and work for that.

That is one of the best thing advices I have read so far.
Managing priority in work is also an important thing.

[Theones]

There are many more benefits of keeping financial records and I know it's not the most exciting part of your business but it is essential to your business. It doesn't matter how small your business is, be it, laundry, hair salon, boutique, online store, etc, always keep financial records.

This is a message from a local entrepreneur in my area. He boldly declares that 'complete and valid financial reports are the most important thing in this company.' He is known for being meticulous in tracking every expense in his businesses. In fact, he is the type of entrepreneur who will inquire about small amounts of money even if his company's net revenue is already significant.

This message seems to have a profound meaning. What I have gathered from it so far is that cultivating complete financial reports is crucial for any company, whether it is small or large, that wishes to have significant growth. The key is detailed tracking of income and expenses.

that is correct - the detail tracking of the income and expenses is important.
And taking the notes and not doing the mistake is also an important thing to be kept in mind.

[FUCKBSVFUCK]

Yes, you are right, but what if you lose your business? Do you have a financial record? Or you have a business that you own?If you should have a financial record. 
 
If you have a business that you own,

[bettercrypto]

This is one of the most basic and most fatal mistakes you could commit to your budding business as a learning entrepreneur, not keeping tabs and checks of your financial records. As what OP have said, that's how you know if over time, your business is bleeding money or it's turning a profit, as well as what product/service the problem/blessing is coming from. Not only will a financial record help you keep track of how your business is growing, it also helps you formulate plans that are in line with what you need at the moment, instead of rushing in and changing things from your business blindly and belligerently. You can never go wrong with keeping records of expenses and profits really. That's going to be your best friend if you're an entrepreneur that recently just started, heck even seasoned entrepreneurs know how important this is.

This financial record is really important, because this is where you can see your input and output when you run the business. At least you will also know what you should do more if your income increases or decreases.

       This will be our proof of evidence when, for example, there is a problem in running your business, because without it you will have no basis and basis in case of a problem, it's that simple to understand.

[Theones]

This is one of the most basic and most fatal mistakes you could commit to your budding business as a learning entrepreneur, not keeping tabs and checks of your financial records. As what OP have said, that's how you know if over time, your business is bleeding money or it's turning a profit, as well as what product/service the problem/blessing is coming from. Not only will a financial record help you keep track of how your business is growing, it also helps you formulate plans that are in line with what you need at the moment, instead of rushing in and changing things from your business blindly and belligerently. You can never go wrong with keeping records of expenses and profits really. That's going to be your best friend if you're an entrepreneur that recently just started, heck even seasoned entrepreneurs know how important this is.

This financial record is really important, because this is where you can see your input and output when you run the business. At least you will also know what you should do more if your income increases or decreases.

       This will be our proof of evidence when, for example, there is a problem in running your business, because without it you will have no basis and basis in case of a problem, it's that simple to understand.

that is correct and that is how you make your game plan for your future move.
one thing which I believe is very important in dealing you finances in honesty

[Sayeds56]

I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.

[Theones]

I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.

me too - but sometime we lose track of it. But many lesson we learn from the mistakes we do it.
I have now forcefully made myself realize that I have to keep track of my finances

[Cryptock]

I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.

that is the main thing in business - managing finances well. Some people are managing business and finances so well without even computer and internet
they do it simply on their diary but they do well = it is all the number game and dealing with it is an art

[og kush420]

This is one of the most basic and most fatal mistakes you could commit to your budding business as a learning entrepreneur, not keeping tabs and checks of your financial records. As what OP have said, that's how you know if over time, your business is bleeding money or it's turning a profit, as well as what product/service the problem/blessing is coming from. Not only will a financial record help you keep track of how your business is growing, it also helps you formulate plans that are in line with what you need at the moment, instead of rushing in and changing things from your business blindly and belligerently. You can never go wrong with keeping records of expenses and profits really. That's going to be your best friend if you're an entrepreneur that recently just started, heck even seasoned entrepreneurs know how important this is.

This financial record is really important, because this is where you can see your input and output when you run the business. At least you will also know what you should do more if your income increases or decreases.

       This will be our proof of evidence when, for example, there is a problem in running your business, because without it you will have no basis and basis in case of a problem, it's that simple to understand.

I get my grocery from a store near by and the best thing the shop owner does is write all the amount people lead from it
this is by far the best practice I have seen

[Fatunad]

Identify income sources and reduce unnecessary expenses:

This is the importance i would definitely be saying because having some track would really be giving out some idea on where you do spend your money or specially on outgoing transactions.
In this case you would be able to see if you are spending that much or really just that in limit. This is where people do always miss out and in the end of the day you would really be having those questions on where
those funds go if you dont have that tracking.

In any business then it would really be that crucial specially into those things which had been said or mentioned on OP which it would really be just that worth for you to mind off
on following those at least. Its the basic stuff on where it would really be just that recommendable on doing so specially when you are really that serious
on having that kind of target or goal in your business to progess.

[Andrija Branislav]

I am a business man myself and I understand how this works, financial record is the most important part of any business, doesn't matter how large or small the business is, which op stated categorically.

I think the same is true in business. Prioritizing spending and setting strict rules about what you can spend can be a great way to stay within a budget. Plus, separating important expenses from discretionary expenses can make it easier to track your finances without feeling overwhelmed. and it's true what my friends say, Good financial management is about making smart choices and working towards your financial goals.

[og kush420]

I am a business man myself and I understand how this works, financial record is the most important part of any business, doesn't matter how large or small the business is, which op stated categorically.

I think the same is true in business. Prioritizing spending and setting strict rules about what you can spend can be a great way to stay within a budget. Plus, separating important expenses from discretionary expenses can make it easier to track your finances without feeling overwhelmed. and it's true what my friends say, Good financial management is about making smart choices and working towards your financial goals.

correct - and that is the real essence of the business
Checking the finances and taking care of finances in you business is the art of every business

[Cryptock]

I am a business man myself and I understand how this works, financial record is the most important part of any business, doesn't matter how large or small the business is, which op stated categorically.

I think the same is true in business. Prioritizing spending and setting strict rules about what you can spend can be a great way to stay within a budget. Plus, separating important expenses from discretionary expenses can make it easier to track your finances without feeling overwhelmed. and it's true what my friends say, Good financial management is about making smart choices and working towards your financial goals.

these days we are losing our minds because we are not getting enough money in business
not a good time to discuss this rather if there is anyway to earn more money that would be a great help though

[og kush420]

I am a business man myself and I understand how this works, financial record is the most important part of any business, doesn't matter how large or small the business is, which op stated categorically.

I think the same is true in business. Prioritizing spending and setting strict rules about what you can spend can be a great way to stay within a budget. Plus, separating important expenses from discretionary expenses can make it easier to track your finances without feeling overwhelmed. and it's true what my friends say, Good financial management is about making smart choices and working towards your financial goals.

that is true - some people are good in keeping the financial record in the old way but they are doing good
on the other hand some business make fancy stuff but their business fail - that is all the luck and hard work you put in

[arimamib]

Yes, you are right, but what if you lose your business? Do you have a financial record? Or you have a business that you own?If you should have a financial record. 
 
If you have a business that you own,

Complete question.

The reason is that every business founder must have every record of every expense and income. Company cash must be managed as best as possible and for every company or business that you manage, you will definitely make calculations every quarter.

So from that I think if one of the businesses must have records, but depending on the progress process that occurs in the business that you are in, I mean if you have calculated profits this year, that the records will not be important to keep at. Because you will open a new record for the next year.

But if you need a comparison of results in the following year, last year's financial records should be stored as best they can and become history later.

[smile1218]

Keeping financial record is essential to any kind of business as it helps in monitoring the finacial health of the business, it used to track the operational expenses and income and it help in the decision making of the company when it comes to finances. It also helps filing taxes accurately and avoiding any legal or financial issue. Usually here in my country we need to keep the financial documents in within 5 to 10 years as mandated by the Bureau of Internal Revenue for future audit.

[Ryu_Ar1]

I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.

Actually, if you look further, this is a basic thing that must be owned.
Regardless of any expenses and income in the business, it is clear that there must be a record because the benefits of it are clearly very much.
Apart from us not messing around in daily, weekly or monthly reports on the other hand this is also to see the progress of the business we are running whether it is developing or not.

We certainly have to know and manage this well because even though things like this look trivial, this will actually have a very big impact and the risk if we don't do something like this is quite clear, apart from us being confused we also won't know about the progress of what we are doing.

[og kush420]

I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.

Actually, if you look further, this is a basic thing that must be owned.
Regardless of any expenses and income in the business, it is clear that there must be a record because the benefits of it are clearly very much.
Apart from us not messing around in daily, weekly or monthly reports on the other hand this is also to see the progress of the business we are running whether it is developing or not.

We certainly have to know and manage this well because even though things like this look trivial, this will actually have a very big impact and the risk if we don't do something like this is quite clear, apart from us being confused we also won't know about the progress of what we are doing.

The good businessman would always keep their financial record straight.
For sure business would not flourish if the if the record are not uptodate

[bangjoe]

Keeping financial record is essential to any kind of business as it helps in monitoring the finacial health of the business, it used to track the operational expenses and income and it help in the decision making of the company when it comes to finances. It also helps filing taxes accurately and avoiding any legal or financial issue. Usually here in my country we need to keep the financial documents in within 5 to 10 years as mandated by the Bureau of Internal Revenue for future audit.

Yes, that is one of the functions of having financial records archived in the long term, we can easily calculate how income and circulation of money and goods increase in our business, we can monitor it in days, weeks, months, quarters and annually and or every shift of season, if we keep financial records in a structured and neat manner we will be able to see differences in financial circulation in business at any given moment or certain season.

I completely agree with the importance of maintaining records of every type of businesses, regardless of its size or scale. By tracking record of transactions, it becomes possible to get insights of business operations, identify the areas where improvement is needed for efficiency, and make informed decisions about making investments. In summary, financial records are essential tool for any business owner to manage finances effectively.

Actually, if you look further, this is a basic thing that must be owned.
Regardless of any expenses and income in the business, it is clear that there must be a record because the benefits of it are clearly very much.
Apart from us not messing around in daily, weekly or monthly reports on the other hand this is also to see the progress of the business we are running whether it is developing or not.

We certainly have to know and manage this well because even though things like this look trivial, this will actually have a very big impact and the risk if we don't do something like this is quite clear, apart from us being confused we also won't know about the progress of what we are doing.

I agree with you, no matter how big or small money we manage in business or no matter how small the business we do, having financial records is the main thing to do for a business person if he wants to grow in his business, and indeed it has many the benefits that we get if we have financial records.
I don't think so, financial records are not only for business people, financial records are important for anyone, both businessmen, students, workers and even housewives to monitor financial flows, and with that we will have awareness of the money control we have every day, week, month, and yearly.

[JeffBrad12]

This actually should be common sense, keeping record of business helps massively, but unfortunately so many people out there, more over the small business don't really know the importance of keeping the record, that's why sometimes they have hard time filling taxes, and therefore sometimes got penalty, there are many accounting app out there that even someone that don't have much knowledge in accounting could use, even if it's business that directly deal with customers the ins and outs usually already accounted automatically if they used such apps like payment apps, so I don't think there's any reason to not keep the records of the business. moreover this data might also helps for finding potential investors for expanding the business.