Business Activity | Record keeping, A Good Strategy in Business | 10% payout to the community account
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Hello to everyone here in this great community known as Business Activity hope we all are in good spirit. Today I will be talking about an important aspect of business, this aspect is necessary and important for all businesses and the title for today's discussion is Recordkeeping, a good strategy in business. for one to take a good stock of his/her business, the word record keeping needs to be involved. relax and sit comfortably as I unravel this teaching to you.
RECORD KEEPING
The word record keeping is simple the activity of putting down the account of every inventory of an organization. this is done by storing important and notable information regarding the business in question. this is the ability to manage all information from the start of the organization throughout the stay of that organization right from the time of creation to it the time of inclination under given circumstances.
For a business to work effectively, there is a need for record-keeping though this will help keep all information in detail and store it. also, you do not just keep a record of sales, but all activities that concern the business or organization in question. this will help you not just to monitor your cash flow but also to know the activities that are ongoing in the organization.
The level of record-keeping shows how serious and effective one runs his or her business. it proves the level of foreseeing things nd as well improve the standard of your business. a business that keeps track of all the activities that are happening in the business has a great tendency of attaining its aim and objective in a short while.
The purpose of keeping records is to note basic information down, and this brings us to know the activities of the business. then the purpose of keeping record concrete and solid facts and basic information regarding certain questions such asabout, what, when, and why a thing occurred.
Keeping a record of things that are happening in an organization helps business individuals to know about, why, and when a particular thing happened. every event and activity has its record regarding it. it helps to know how our businesses operate daily and gives proper information regarding those events that occurred. this brings us to the next phase, which is knowing the various examples of record keeping.
The following are examples of record-keeping which I will outline and explain in detail and they are.
Business Expenses Record - The business expenses record gives us clear details about the total expenditure of the business daily. this gives us clear information about money that has been spent or taken out from the business.
Sales Recordkeeping - The sales record keeping, gives us a piece of clear information and detail regarding the business sales. with this, all sales are recorded and kept for information purposes. and this is done to know the items that have been sold from the store, the amount, and the time that item was sold.
Account Receivable Record - This is the record concerning the money that is yet to receive from the customers by the company in question. this entails keeping all credits owed to a company or business, so it is necessary to keep a record of credits owed to a company.
Account Payable Record - This is the opposite of account payable. it entails the record-keeping of money a company owes its, vendors. so this entails keeping a record of the money a company or business owes its, vendors.
Customer List Record - This is the record that entails all customers both past, potential and present list of customers. this is seen as recording the list of customers alongside their names, phone numbers, contact addresses, and also their mailing addresses.
Employee's Information Record - The employee's information record-keeping entails all notable information of an employee which contains all necessary information regarding the employee, from their submission of job application to their resignation letter.
Vendor's Record-Keeping - The vendor's record-keeping entails all detailed information of vendor's regarding a business or company that supplies certain needed products and services to a client.
Tax Document Record-Keeping - The tax document record keeping entails all record that has been three or two years from the time a tax is paid. this is the act of keeping a record of the taxes you have paid to the official authority or the government.
Record keeping is so important in a business or company. it helps for one to know the number of funds to invest in others to create services and products. this will help know how much money you are willing to put into a business in other to render proper services and create a good product.
Record-keeping helps to set pricing in a business or company. it helps to know how much price tag you are willing to set regarding your product or services which you render.
Record-keeping helps one to know track spending. knowing track spending.
Record-keeping helps you and your business for a tax period. it will help you to know when to pay your tax and enable you to prepare for it.
Record keeping also enables business and company owners to gain access to employees' and customers' information easily.
Record keeping also enables business owners and company owners to take a good calculation of profits expected in the long run. this will help us to know how much a company or business is expected to get in a particular time.
Record keeping also helps greatly in making certain decisions, most especially in making wise purchases of goods regarding the business or company.
CONCLUSION
We must take note of all activities in our various businesses. record-keeping is a fine approach that keeps a business or company afloat. record-keeping is crucial and it helps to make certain important decisions regarding the business.
As a good strategy, we must keep a record of activities in our business. it does not matter how small your business is, record keeping is so vital. it helps us to know basic things about your business and with this record-keeping, a business is sure to meet its objectives and goals.
MY BUSINESS DETAILS
| Business name: | Xclusive Concept |
|---|---|
| Owner's name: | @solexybaba |
| Business address: | Zaria, Kaduna state, Nigeria. |
| About us: | Link to presentation. link |
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It is important information that must be applied in a business. Recording information in business management is important so that we can know about income, expenses and also how much income is so that all needs and decisions can be balanced, thank you for your very interesting article.
Greetings!
Thanks for this Post and for teaching us business strategies.