Always Have a financial record in whatever business you own

[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.

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.

In this case, financial recording is clearly still one of the things that must be done to manage finances properly because regardless of anything, what you say is true because no matter who is a businessman or whatever, things like this still need to be done. But when we are based on business as the initial context, we only have to follow this flow so as not to widen.

Currently I still continue to do things like that because indeed by recording finances like this, I realize that apart from knowing my current financial condition, on the other hand we also realize that this can affect the efficiency of using money which of course with that we can immediately think of several options for the next plan, especially in making decisions whether this will be good or not in the future.
Even though something like this is trivial, the impact is really huge.

[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.

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.

In this case, financial recording is clearly still one of the things that must be done to manage finances properly because regardless of anything, what you say is true because no matter who is a businessman or whatever, things like this still need to be done. But when we are based on business as the initial context, we only have to follow this flow so as not to widen.
that is correct and one should have the record being written in whatevery way they right as you mentioned about studets - so they should have it written in their diary how they are spending their pocket money - I encourage my kids to do it by bring good stationary and giving them gift when they do good and save some money in the previous month

Currently I still continue to do things like that because indeed by recording finances like this, I realize that apart from knowing my current financial condition, on the other hand we also realize that this can affect the efficiency of using money which of course with that we can immediately think of several options for the next plan, especially in making decisions whether this will be good or not in the future.
Even though something like this is trivial, the impact is really huge.

that is correct and one should have the record being written in whatever way they right as you mentioned about students - so they should have it written in their diary how they are spending their pocket money - I encourage my kids to do it by bring good stationary and giving them gift when they do good and save some money in the previous month

[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.

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.

that is correct - we must keep track no matter what
It is a good practice to keep record of your finances - once it is a routine - things are in better shape and form

[Theones]

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.

that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine.
but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.

[xSkylarx]

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.

The only solution really is for those people who really don't know or have no knowledge of it to invest in POS mostly in stores because they don't have to do the dirty work as they only check the dashboard and see the summary of all that is why here in our country, even though we are in a third-world country, the government is pushing everyone into digitalization because the tax department realizes that there are some stores that really don't have a track record of their businesses, as well as other businesses that are declaring only small value, which is why they only pay small taxes.

[Desmong]

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.

that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine.
but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.

it is very obvious that financial record had save a lots of persons fr debt that is why we need to know what we are doing so that we are not going to miss out big from all those record we are keeping. Financial record can make us make a lots of money from the market if we are the type that keep to what we know and have strategies of making money.

[Lanatsa]

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.

that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine.
but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.

it is very obvious that financial record had save a lots of persons fr debt that is why we need to know what we are doing so that we are not going to miss out big from all those record we are keeping. Financial record can make us make a lots of money from the market if we are the type that keep to what we know and have strategies of making money.

Having financial record or saving up those incoming or outgoing flow of money would really be always that recommended for whatever business you are dealing with. You cant really just make one and wont bothered

on having one just because you are that confident that you are making money which might result into that kind of confidence which might lead to negative income or profit which is something that it is really that bad for the business. Having those tracks could give out the idea on which part you are really that spending the most, to maximize profitability then it would be normal that you would really be needing to cut off some expenses or spendings on which you could possibly see to make things more way better.

This is why its really that recommendable to have a record because if not, then you would lost off track if there's something wrong. On the time that you would be having questions on where expenses do go
or too much spending and if you dont have some tracks or records then there's no way on finding out on which it would really be bad for the business if it would continue.

[Cryptock]

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.

that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine.
but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.

it is very obvious that financial record had save a lots of persons fr debt that is why we need to know what we are doing so that we are not going to miss out big from all those record we are keeping. Financial record can make us make a lots of money from the market if we are the type that keep to what we know and have strategies of making money.

Having financial record or saving up those incoming or outgoing flow of money would really be always that recommended for whatever business you are dealing with. You cant really just make one and wont bothered

on having one just because you are that confident that you are making money which might result into that kind of confidence which might lead to negative income or profit which is something that it is really that bad for the business. Having those tracks could give out the idea on which part you are really that spending the most, to maximize profitability then it would be normal that you would really be needing to cut off some expenses or spendings on which you could possibly see to make things more way better.

This is why its really that recommendable to have a record because if not, then you would lost off track if there's something wrong. On the time that you would be having questions on where expenses do go
or too much spending and if you dont have some tracks or records then there's no way on finding out on which it would really be bad for the business if it would continue.

keeping a track of financial record is surly very important.
For those who do not do that - might be lazy and indifferent people and does not know how to manage their funds. Like I always suffer losses in. business - those who do not keep track of finances also suffer

[shinratensei_]

For those who do not do that - might be lazy and indifferent people and does not know how to manage their funds. Like I always suffer losses in. business - those who do not keep track of finances also suffer

keeping records of financial, shows the discipline of one, I could be sure that everyone who always know to keep records of their financial gain will always have better discipline in spending them carefully without any worry of overspending.
they always know their spending capability which didn't disturb their overall business, unlike one that usually didn't even record their gain, they gonna face some difficulties in the future because they don't feel like recording their finance.
there has been many cases of someone trying the hard way recalling all their financial gains when they need the data.

[Theones]

For those who do not do that - might be lazy and indifferent people and does not know how to manage their funds. Like I always suffer losses in. business - those who do not keep track of finances also suffer

keeping records of financial, shows the discipline of one, I could be sure that everyone who always know to keep records of their financial gain will always have better discipline in spending them carefully without any worry of overspending.
they always know their spending capability which didn't disturb their overall business, unlike one that usually didn't even record their gain, they gonna face some difficulties in the future because they don't feel like recording their finance.
there has been many cases of someone trying the hard way recalling all their financial gains when they need the data.

That is very right where you have mentioned everyone knows how to do it

[og kush420]

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.

that is very true - for a person like its very hard to keep writing all the record despite of the fact how much I try to make it a routine.
but now I have accepeted the way I am - the only thing I can do is to keep record online by sending watsapp mesg to myself.

it is very obvious that financial record had save a lots of persons fr debt that is why we need to know what we are doing so that we are not going to miss out big from all those record we are keeping. Financial record can make us make a lots of money from the market if we are the type that keep to what we know and have strategies of making money.

Having financial record or saving up those incoming or outgoing flow of money would really be always that recommended for whatever business you are dealing with. You cant really just make one and wont bothered

on having one just because you are that confident that you are making money which might result into that kind of confidence which might lead to negative income or profit which is something that it is really that bad for the business. Having those tracks could give out the idea on which part you are really that spending the most, to maximize profitability then it would be normal that you would really be needing to cut off some expenses or spendings on which you could possibly see to make things more way better.

This is why its really that recommendable to have a record because if not, then you would lost off track if there's something wrong. On the time that you would be having questions on where expenses do go
or too much spending and if you dont have some tracks or records then there's no way on finding out on which it would really be bad for the business if it would continue.

Valid point stated - there are many important points one needs to consider - finances is one such point.
also if one has difficulty doing that - they should make a specific goal and should be very particular in achieving it

[Cryptock]

For those who do not do that - might be lazy and indifferent people and does not know how to manage their funds. Like I always suffer losses in. business - those who do not keep track of finances also suffer

keeping records of financial, shows the discipline of one, I could be sure that everyone who always know to keep records of their financial gain will always have better discipline in spending them carefully without any worry of overspending.
they always know their spending capability which didn't disturb their overall business, unlike one that usually didn't even record their gain, they gonna face some difficulties in the future because they don't feel like recording their finance.
there has been many cases of someone trying the hard way recalling all their financial gains when they need the data.

Keeping the record of the finances is a good thing. And it's very important to have it written.
but if you are not good at managing and updating the finances then its surely a difficult situation

[Mario Yamasaki]

If we want to make our business grow then one of the most important things is to have a financial record, many people just do business and never know whether profit or loss, what happens is they have a lot of debt because the business is not in accordance with the plans and targets set.

[xSkylarx]

For those who do not do that - might be lazy and indifferent people and does not know how to manage their funds. Like I always suffer losses in. business - those who do not keep track of finances also suffer

keeping records of financial, shows the discipline of one, I could be sure that everyone who always know to keep records of their financial gain will always have better discipline in spending them carefully without any worry of overspending.
they always know their spending capability which didn't disturb their overall business, unlike one that usually didn't even record their gain, they gonna face some difficulties in the future because they don't feel like recording their finance.
there has been many cases of someone trying the hard way recalling all their financial gains when they need the data.

Keeping the record of the finances is a good thing. And it's very important to have it written.
but if you are not good at managing and updating the finances then its surely a difficult situation

There are a lot of apps for smart phones right now that can easily track the expenses or profit in your business, unlike before, when it was a traditional one like a log book and it was written, but right now we do have a lot of choices, even there are POS. I also couldn't bear if the business has no records, like how he will file for tax and how they know if the business is running well or not, as you put up a business to have profit, not to lose all of your money.

[YUriy1991]

There are a lot of apps for smart phones right now that can easily track the expenses or profit in your business, unlike before, when it was a traditional one like a log book and it was written, but right now we do have a lot of choices, even there are POS. I also couldn't bear if the business has no records, like how he will file for tax and how they know if the business is running well or not, as you put up a business to have profit, not to lose all of your money.

Yes. Apps for smartphones Nice and helpful option too. I myself, in terms of business records, only use Microsoft Excel, I think I am very good at managing, analyzing and presenting data in tabular form and if I am more careful I use a public accountant to calculate a balance sheet and back it up by recording using a good table, transaction records. daily per item so that the accountant can easily audit it. Yes. As you say "Set up a business to make a profit, not to lose all your money" and that's the typical end story.

[naikturun]

I agree about keeping records regardless of how big or small your business is. Let's just look at that perspective that huge corporations have their financial statements being record which includes the accounts payable and receivables and even their debt.

As a small business guy, it's important to track and record your expenses and profits for you to determine on how much you should be able to deduct and be after all of it to take your profit.

Plus, it's important to have always a back up when you're starting out your business. It could be a fund or another business to support it until you think that it's not longer sustainable even if some support from your other source.

Absolutely, keeping accurate financial records is crucial for small businesses. It allows you to track your expenses, monitor your profits, and make informed decisions about the financial health and future of your business

[Cryptock]

I agree about keeping records regardless of how big or small your business is. Let's just look at that perspective that huge corporations have their financial statements being record which includes the accounts payable and receivables and even their debt.

As a small business guy, it's important to track and record your expenses and profits for you to determine on how much you should be able to deduct and be after all of it to take your profit.

Plus, it's important to have always a back up when you're starting out your business. It could be a fund or another business to support it until you think that it's not longer sustainable even if some support from your other source.

Absolutely, keeping accurate financial records is crucial for small businesses. It allows you to track your expenses, monitor your profits, and make informed decisions about the financial health and future of your business

but some people are so good at it and they are successful
The only thing is consistency and honesty

[Alpha Marine]

the government is pushing everyone into digitalization because the tax department realizes that there are some stores that really don't have a track record of their businesses, as well as other businesses that are declaring only small value, which is why they only pay small taxes.

The tax issue is going to be a big issue for government of  third world countries because a lot of these businesses are not documented. A business can operate for years and the government won't even know a business like that exists because it was not registered anywhere. There may be different local forms of payment but these monies don't go into the coffer of the government , they just end up in the pockets of those that receive the payment.
This is due to a lack of a working system, so things are not run accordingly.
There is also the fact that the people don't trust the government, so they find it hard to pay their taxes.  The government provides nothing for them.Not roads, electricity, water, security, so why should they willingly pay their taxes when they provide even the things the government should provide for them by themselves

[og kush420]

the government is pushing everyone into digitalization because the tax department realizes that there are some stores that really don't have a track record of their businesses, as well as other businesses that are declaring only small value, which is why they only pay small taxes.

The tax issue is going to be a big issue for government of  third world countries because a lot of these businesses are not documented. A business can operate for years and the government won't even know a business like that exists because it was not registered anywhere. There may be different local forms of payment but these monies don't go into the coffer of the government , they just end up in the pockets of those that receive the payment.
This is due to a lack of a working system, so things are not run accordingly.
There is also the fact that the people don't trust the government, so they find it hard to pay their taxes.  The government provides nothing for them.Not roads, electricity, water, security, so why should they willingly pay their taxes when they provide even the things the government should provide for them by themselves

that is correct - if you find the right person and you get your tax return done the right way.
Than you are the lucky person to have done the work done in the right way.

[xSkylarx]

There are a lot of apps for smart phones right now that can easily track the expenses or profit in your business, unlike before, when it was a traditional one like a log book and it was written, but right now we do have a lot of choices, even there are POS. I also couldn't bear if the business has no records, like how he will file for tax and how they know if the business is running well or not, as you put up a business to have profit, not to lose all of your money.

Yes. Apps for smartphones Nice and helpful option too. I myself, in terms of business records, only use Microsoft Excel, I think I am very good at managing, analyzing and presenting data in tabular form and if I am more careful I use a public accountant to calculate a balance sheet and back it up by recording using a good table, transaction records. daily per item so that the accountant can easily audit it. Yes. As you say "Set up a business to make a profit, not to lose all your money" and that's the typical end story.

Yes, Excel or Google Sheets have been mostly used by business owners, and it is really easy to manage our finances. This is still like the old traditional log book, which is just an online document that you can edit through your phone or laptop. No matter what you use, as long as you've been recording it in an efficient way so that you can see the data and results of it, it's good. Anything will work as long as you are not lazy about writing it out.