Record keeping - An important guide in business

I was reading through a project some days back when I came across the topic which talks about how impactful record keeping can be. I have seen a lot of great business men who neglect this part and focuses mainly on project making. Not that record keeping is compulsory but to me it is vital. For those that does not knows what record keeping is, permit me to get you educated. Record keeping can be define or seen as an act of keeping record appropriately. These act can be carried out through different means. One unique characteristics of proper book keeping is that it enables record to be kept/stored in a place where it can be easily retrieved. If what you are looking for is not properly stored, you will struggle along the line to get access to your materials.

Credit

Deviating from that, the big question I know might be running through your mind is how does good record keeping impact your business? When you are that business man that practice proper record keeping, you will find out that you will be able to trace past record easily. With proper record keeping, you can be able to go through your record to ascertain which of your customer has not paid you or not. There is this customer that bought an item from me, it took her a year and half before she was able to pay. She is my very good customer but something went bad for her and she was unable to meet up. The challenges she faces was so severe to the extent I strike her off that she can't pay me the money again. I never called her too to tell her to pay because I know she always pay her money when things was fine. I was surprised to see her approaches me that she wants to pay her debt, I was shocked and left dumbfounded. Truth be told, I already forgot the amount she is owing me. I was able to get the exact amount because of proper book keeping that I always carried out. Now you can see how useful it is.

Another usefulness of practicing proper record keeping is that with it you can easily keep track of the progress of your business. With proper record keeping, you will be able to know the amount you have made from the sales you are doing. As I am buying my things from the market, one thing I usually do is that I will make sure that I document the prices of how I bought them. When I got home, I will seat down and prepare good record for my purchase. This is to enable me to be able to prepare affordable buying rate for my product and also for future reference or occurrence. When you prepare such list and at a point you are confuse about the price you bought some of your item base on the fact that it has been long you bought it, you can easily rush down to your record and get what you need there.

Credit

The above experience was gotten about five (5) years ago while I was running my business. I bought items without taking the record of how I bought them differently. I keep selling and selling and at the end, I came to realised that I made a huge lost from the sales I have been doing. This almost crumbled my business but I went back to market and do things right. With that I was able to retract back to business.

Conclusion

At this computer age, it is advisable to practice good record keeping in business or any other thing you are doing. They are more pros to it than cons. With good and proper record keeping, you will be able to know if you are making progress in your business or not.

Credit

• If you love my post, feel free to comment and also support me, it will help to get me motivated. Remain bless as you read the post. Thanks

Please don't forget to support the Project hope community

Special Thanks to the @crypto.piotr (Founder) and the entire team for keeping the engagement high.