Proper record keeping is quintessential to business growth. It is a key issue that growth-oriented businesses are fraught with but have to be dedicated to in order to maintain a sound balance of performance. Proper record keeping could relate to accounting, operational and customer records.
Business owners should ensure that income and expenses are well tracked as businesses ought to periodically assess its performance and position. Having both a financial account and budget is the best way to keeping the finances of a business in proper check.
For most small businesses, having a small and manageable income and expenditure account helps track the amount expended and received in a period of time.
By keeping detailed records, you will know where the business stands financially, what potential challenges you could be facing and time to create strategies to overcome those challenges.
Baker Tilly Andah +Andah
Source: Glitz Africa Magazine issue 19