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Do you take record keeping serious in your business?



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Do you take record keeping serious in your business?

Whether as an online freelancer, an offline freelancer or someone starting a business or already in business, I feel there is need to take keeping accounts of how much you earn, how you spend and how the cash flows in and out of your business. I have seen many businesses collapse as a result of not keeping proper accounts of how the business is being run. So I suggest that anyone willing to succeed in business should keep records of transactions that happen within the business.

I've started keeping records of my expenses, my income as well as ensuring that I monitor how my rivals in the business I do try to outshine me in the business. Do you keep any record no your business? Or you are part of the persons that spend as the income arrives? Share your thoughts.

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Mida

I keep track of what I earn and how I spend my money. I think this is necessary and important for businesses and anyone as a whole. You'll likely get into financial difficulties without doing it.The records give you a clear picture of your current financial standing.

This is not only important for yourself but also for other purposes like taxation and getting loans. Big businesses usually hire specialists like accountants to help them out track their income and expenses.



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DarthHazard

100%. It's one of the most important things that you learn if you study Business. Always make sure that you are aware of what is coming into your business and what is going out of your business. Like you said, if you do not keep an eye on your finances then you will get into financial difficulty and that could mean the end of your business if you are not careful.



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dzannerz

Yes your right because it will always be nice to always keep tracks on anything that you do so that in the future you will be have a history of everthing that you did.



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treecko142

Yeah, record keeping is an essential part of any business and not only does it protect you from any legal problems, but it also helps you manage your finances better and have a real-time status of your profits and trends on your expenses so that you are more informed on how to improve your company.



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chelfox18

I planning to have a small business sooner, and your post open up some ideas about being succesful in business, and one is tracking a record of your business expenses. I think it is very wise idea to record all your expenses over earning, since it is both part of your investment.



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Pixie06

I have an online business and record keeping is something very important. I need to know about my costs and revenues as this helps me to know whether my business is profitable. If the costs are increasing then I need to find a way to cut the costs. What I want to say is that record keeping gives me an indication about how my business is performing and any actions that I have to take.



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augusta

If you don't take stock of your business, sooner or later one is going to run into murky waters.Because without one wouldn't know when things have gone bad, one might be in great debt without knowing.Yes, I take stock of my business personally,when and if it grows big I might resolve t bring in an auditor from time to time.



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SirenOnFire

I agree with you on this. Without recording or keeping track of everything that's happening in business then it's like you're wanting it to fail or you're planning for it to fail. If a business is not taken seriously, then what's the point of it right? Especially when it is just being started, much effort, patience and dedication is needed if the owner really wants to make something of it.



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Barida

That's just it ad I've come to discover that the issue of not taking the act of bookkeeping serious is paramount among the young business which is the reason most of them end up failing. One thing many always fail to realize is that there is a difference between making huge sales and making real profits out of it and that is where bookkeeping help



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PedroP

I have never done this but I know that I urgently need. I tend to be very disorganized in my life as a whole and my finances are no exception. I can never know what I'm making and what I'm losing. I think everybody should give this a try



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Mida

Yes, it's a good topic because it's important to track your income and expenses. Otherwise, you may end up in financial difficulties. It's even more important for businesses. They need to have similar plans for tax purpose and other business-related affairs.



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Barida

You should start as soon as you could so as to understand both your earning patterns as well as your spending patterns. You know that by so doing, you would see how much you spend on things that you should have lived without. It is pretty easy to accounts as well.



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pandooh

Just learn the debits and credits and you'll be fine with your business. It would be easy especially in a small business since you can track your money simplier than what companies do.



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jemuelterrado

I agree to your statement my friend you should take record any transactions in your business to track all your expenses and your earnings. You will know in this method if it is really a good business to continue.



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PedroP

Happened to me more than once, unfortunately. I have heard of financial apps that help you track your income and debts and that even give hints as to the best date to spend your money. Have you ever heard of such things?



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anor0428

It should be, in general. We must track everything especially on business and money matters. Like what you have said, you dont know what you are making or losing, so maybe you should start keeping record to be aware of those things. It is for your own good, maybe it will be hard at first but once you are used to it, you will see a big difference from being disorganized to organized. Do you take record keeping serious in your business?



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pandooh

This is a vital facet of a business. Money is the blood force in a business and this must be monitored from time to time specifically day to day transactions. And one of the rules that you must know in a business when you own it by yourself is that always keep in mind that the earnings should always be separated from your personal savings. Never mix them or else you'll end up touching your personal savings. I am a finance graduate and I think that is already a common knowledge. I hope that you'll do great in your business



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JoeMilford

I agree wholeheartedly with your post here. Also, we need to keep excellent records for tax reasons as well, right? Good records of all of your transactions can ensure that you are not losing profits or bleeding money in certain areas. You also need to keep good records of your finances to notice patterns in your business so that you can improve it whenever possible.



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pandooh

Yup. Tax obligations are mandatory in which businessmen find it a burden, which is totally true. Lol. And I also agree with your justifications at the latter part. This is somehow a monitoring to your business. A picture of it.



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DarthHazard

Definitely. And keeping records for tax is also good to ensure that you are actually paying the right amount of tax. Some people may be paying more than they need to or some businesses may not be paying enough tax which could land them in a lot of trouble in the future. And like you said, by keeping good records of your finances, it is a lot easier to notice certain patterns so you can easily make certain decisions to improve your cash flow.



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DenisP

I absolutely do keep records of everything, from who I've worked with, to how much I've earned, and where I'm spending and/or investing my income. I used to work for a small nutritional supplement company, and during my time there I had to work very closely with our bookkeeper when it came to keeping track of our orders and inventory. After years of working there I picked up a lot of professional habits when it came to organization and record keeping, and they've stayed with me to this day, even now as a freelancer. I feel like being organized and keeping records is one of the keys to success.



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JoeMilford

You mentioned keeping records of whom you have worked with, and I think that is a great piece of advice. I never throw away a contact, and you never know when they will resurface or when you might need to network with them again. I think it's really cool that you are applying the skills which you acquired in your "day" job to your freelancing business approach. That is exceptionally smart and just makes sense.



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DenisP

Thank you for the compliments! But yes keeping records of all your clients can be invaluable to networking and making a positive impression. Something as simple as having their phone number can make a positive impact on someone. It can be quite embarrassing to receive an email from a client concerning a new work project, only to have to ask them their phone number if you need to make a call.

And yes, I believe that we can learn a little bit from everywhere we go. Just because some job isn't exactly in the field you're interested in, doesn't mean that you can't learn something from it. There are some skills which are universally relevant.



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diels1001

It is fundamental factor need ed to have a successful business, therefore it must always be taken seriously. As for me, not a business major, I don't really know the more detailed version of it, but as far as my knowledge is concern, I know that records are very important documents not only in business but in every field. If you want to have a successful business, record keeping is a primary technique that you is necessary to achieve your goals.



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SirenOnFire

Without the financial aspect, a business can obviously no longer continue. Every transaction and all the money that come in and go out need to be accounted for to see what are he strengths and the weaknesess of the management and the business itself. Through this, it can be learned how to improve the negative aspects of such establishment or store.



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anor0428

Yes of course, this is very important. You should have records on your business, your earnings and expenses. It is a responsibity that one must practice to monitor where your money goes. If you are into business, you must have separate records of your capital, profits and each transactions. If you dont keep records, how will you know if you are already losing money? So keep records of everything that has to do with your business. Do you take record keeping serious in your business?



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Keibah2

Keeping records of both finances and generally all activities that is being carried out within a business setting is very essential for its survival.


just like you stated, a good number of ventures have collapsed due to poor record keeping. You need to put your priorities in order, know what goes in and out of the business, that way you can tell if you are making profit, loosing or just stagnant. I urge everyone to learn good record keeping.



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Barida

You're right on this. One thing most businesses haven't come to realize is that not keeping records alone can stiffle the growth of the business and make it hard to discover opportunities that might arise in the future as well.



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Hurry14

I think that's a necessity for businesses that wants to succeed. Because if you don't keep records of your resources and just spend on the things that you just think that your company or business needs, then your Capital will be depleted without you even noticing it. I'm a full time worker as of now and still planning on what kind of business to invest in but I'm already tracking on my expenses and how much I save after I buy my necessities. It has been really helpful for me because I always stay in my budget for the entire cut-off. So I'm really gonna use this tracking records on my business in the future.



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overcast

This is true. That these days business needs to keep tab on the transactions. Be it in the office or even in the freelancing. The record keeping definitely helps. I am sure many people who have managed to see the business need. They are going with the budget and the accounting. So I am guessing it's reasonable to do that as well.



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saygorem

Yes, of course. Because record keeping is an essential and vital component of a business management and you can not operate if you do not have any record of whatsoever kind of business you are working on. Every record of the business is important and it will determine the plan and implementation for the business to continue operating.



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Barida

It could surprise you to discover that most of the offices you see around you don't plan well for the future of the business and that's how they don't take record keeping serious which is quite bad for the growth of the business.



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mabhel

Yes, I do record my transactions. An accurate record will help me monitor whether I am still gaining or already losing in the business activity I am doing.



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Barida

Just keep up with the good attitude of record keeping and see how that is going to help your business grow to unimaginable height in the years to come. I wish every business owner will be quite serious with record keeping as well.



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Nikko25

I do. Although I have just started, recording my finances has helped me tremendously. First of all, it has helped me in keeping track of my income and expenditures. The first time I tried, I was surprised to find out just how much I spend on unecessary things. Sure I was aware of my spending beforehand but I just did not know it was that much. To cut the story short, by keeping an accurate record of my finances, I was able to have a clearer grasp on my financial situation which allowed me to make wiser financial decisions.



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TheArticulate

Seeing exactly what you're spending money on really helps you determine what areas you can cut unnecessary expenditures from. The same thing happened to me when I started my business as well. I started cutting back on unnecessary expenses particularly in regards to camera and photo gear that I didn't need.



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jemuelterrado

Of course i keep recording all transactions done in my business from start up until now. It is really important to see how your business works. There are some reasons why we should record all and some of these are:

helps to maximise all the expenses you claim and reduce your tax obligations
will help out, should you be investigated by HMRC
makes it quicker to prepare your accounts at year-end
gives you the information you need to run your business and help it grow
helps you plan for tax payments
helps identify the strengths and weaknesses in your business
helps manage changes and improvements in your business
will help you plan to meet financial commitments such paying creditors or employees
makes it easier to get a loan or sell your business
avoids over/under tax payments
helps identify if your business is liable for paying VAT to HMRC
makes it easier to distribute profits to shareholders as dividends or for partnerships where both profits and losses have to be shared.
Business records can be maintained manually, computerised on a spreadsheet or kept online. Make sure the system you use is easy to operate, and complements your business. Alternatively keep hold of your receipts, bank statements and invoices and outsource the work.
Keeping business records can be daunting at first. The key is to break things down into a series of straightforward, manageable tasks. Then you can access and update them on a regular basis, rather than letting the paperwork pile up.
Every business must keep records for as long as required by the law. It is important to do so as HMRC may request to see past records if there is any issue regarding your tax. The minimum period for which you must keep records is six years for VAT or five years from the latest date for filing your tax return.
Make sure you keep all documents that contain details of payments, receipts, credit purchases and sales, assets and liabilities. If you’re not able to obtain a receipt for an expense make a note then record the details.
keeping all records are a good way of tracking how your business grows.



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tophew

Keep it up bro that is a good idea monitoring every expenses and earnings you have so that you will know how much it your net income in your business.i also do that with my daily expenses i have budget plan what to buy and what is not. also i learn that i can save more money if i have a tracking record of it to keep me inspired in saving money specially coming from my own business.



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jaymish

I don't keep records, but I agree a business should keep records to know at any one time what kind of financial position it is in. The more interesting question is that should freelancers keep records, and do they keep records.For a freelancer, record keeping could be a complete waste of time. As a freelancer, all you need to know is how much you are making and how much you are spending. Of course, it's important for freelancers to keep records in case , your government tax department calls on you. But in my opinion, these are just simple records and are not as complex as ones required for a business, even a small business.



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Tronia

I have to disagree. Even for a freelancer record keeping is very good because of all the valuable information it gives you. Where did most of your money come from? Which jobs? And so on. This way can let you determine which tasks are the most profitable for you over time and you can, therefore, give more energy and time towards that area. Keeping records is important even if you don't have a business.



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Barida

It is nice to keep records whether as a freelancer or someone that owns a business. When I say record keeping, it goes beyond what really happens in the business that you're currently into.



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vinaya

Account maintenance is very important for your business whether it is online business or offline business, small business or big business. You need to maintain the records of what comes in and what goes out. When you maintain your income and expenditure, you will be able to understand how to maximize your revenue and how to cut expenses. I have an online business as well as offline business. I take record-keeping seriously and maintain accounts for my businesses. I am on limited budget therefore, I don't have an accountant and I myself maintain my accounts.



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TheArticulate

I like to know exactly how much I've made and how much I've spent, so I know what kind of funds I'm looking at for myself in regards to my offline business. Not only this, but I have to do taxes on my business every year, so record-keeping is very important in making sure my expenses are recorded for tax purposes, too.



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Tronia

I definitely keep a record of all my earnings and my expenses. It is vital not just if you own a business but for life and living in general. How can you know how much money you can spend monthly if you have no idea about how much you are making?

I have been recording everything for a few years now and it's great to see how much you've grown over a longer period of time. I have almost tripled my income and it gives me a lot of motivation for the future. Besides that, I like seeing where most of my money goes. Is it shopping? Food, drink? Gadgets? And more. Everybody should be recording these things.



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DarthHazard

I think you should definitely take record keeping seriously in your business, no matter what. This is especially true if you are relying on your business as your main soruce of income. It's important that you know exactly how much money is coming into the money (as revenue) and how much is going out of the company (as costs). If not then if you accidentally spend too much or if you do not receive a particular amount from someone, you are aware and can make sure the issue is resolved.



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TheArticulate

Exactly. On top of this, you can keep track of whether or not your business is increasing from year to year. I worked a wedding with DJ a while back who also ran photo booths, musicians, and other things brides and grooms could hire for their weddings. He was talking about how his photobooth business had decreased by X% since last year and how his string quartets were booking Y% more gigs than last year.

Obviously, this guy was in tune with his recordkeeping and knew exactly what was going on with his business.



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rajiv123

Record keeping for any business whether small or huge corporation plays a vital role. I am not a businessman and I don't have any business but I always have records of the money going in and going out of my pocket. From the taxi fare to movie tickets and bills, they're all properly accounted. This helps me properly allocate my finances and determine my spending habits. I usually carry a small notebook and write down every purchase and expense made for the day. They will then be totaled in a weekly basis.



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Judas2018

I agree you should definitely keep track of how much money your business is earning but also how much you're spending as well. As well as what you're spending it on and the return of your investment when it comes to advertising, logos, supplies, etc. These days it's a lot easier too since most people are doing business online and most sites or affiliates offer a PDF or electronic version of how much money you've made from sales or how much money you've spent on their products.



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Rebara19

Keeping records about you incomes and expenses is definitely wise. It gives you better view on how much money you can spend and not to get into debt or deficit. It´s also a good motivator to make you perfect the business or work performance or even set your own work-value per hour. I personally keep every document of this type. However, some source of income are so small that the sender doesn´t attach any invoice and simply pays you either via your account or directly.



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Joteque

Record keeping is essential and nowadays with so many softwares and mobile apps out there to assist in the management of records, the process is much easier to achieve this. It's a great practice that small businesses tend to struggle with yet some don't even consider this necessary. It's a plus when you can look at your books and determine based on statistics or records the profits losses, avenues that are profitable as well as those that need to be rethought. Every businesses should practice keeping records as it is an essential part in assessing the status and projected forecast of the business model.



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BelindaMT

Monitoring your income is a must when you have a business. You must have your own balance sheet and ledger because this books or records will dictate you if you are profitable or if your business is going down. My profit goes immediately to my bank account I do not spend it. I am a kind of a person that really loves saving money and actually listing down expenses either a business expense or household expense is my habit. Even before when I was still a student, when my mom gave me my monthly allowance, I list it down together with my expense in order to monitor my allowance and control my expenses at the same time.



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overcast

Earlier I never paid attention to this part. But as time goes on I am spending my time wisely and getting things up for the recording the entries. I can tell you that some of the book keeping options are active due to this now. I guess for keeping business in order it'd be beneficial for the people to have proper records. I think people who want to establish their business should consider about this.

So book keeping skill is something I may pay attention to small details there. I have yet to get the most of the training on this. But learning some of the tools in hope that it may get fixed for sure.



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chelfox18

Keeping a record in your expenses and earning are important, not only in your business, but also in daily basis. If you have your own record , then you will learn how to budget your money properly also.



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peachpurple

yes I agree with you. Whether you have a business , working with a boss or a freelancer online, you have to keep record of your incoming and outgoing money. That way, you will know how much profit or loss you had made and whether you need to make changes to it.



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AmieBotella

I think this is not an optional thing in any business. Even when a kid tries to sell and put up a lemonade stand, you will teach them how to compute the basics of their business. You will teach them how to compute the gross profit and the net profit. In this way you can assess if your business really does good in its venture. Same thing should apply in all our business endeavors, small, medium and large scale business-- we should practice the method of monitoring our expenses and income. This will determine the growth of your business. I think overlooking this key ingredient in a successful business is not a good move and will only lead to a downhill of a good business. Because even when you're just an employee, if you're too keen of your earnings, you will monitor your personal expenses with regards to your earnings right? Because this is how you can maximize your money. So this is not an optional thing in a business.



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zheh

Yes. Ofcourse you should always have a record, specially about money matters. You will go crazy if you don't have a record for your business. You will only know what is happening in your business through record books. You should always know where your money is going, your capital and your expenses, your inventory and everything that you should check every now and then. That's why we even hire an accountant right? to see the formal record if our business is going in the right track. And To do all necessary things to make our business grow.



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diels1001

It must always be taken seriously. Keeping records is always knowing what is happening in your business. Time will come and you will need that records to solve your problems.



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tenthztar

I guess it should be a practice to take records seriously. I mean we need to keep track of everything in our business, so we won't fall into a huge problem in the future.



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Destiny00

As a teacher, record keeping is everything in terms of documenting progress. Keeping samples of their work from the beginning of the year is really important in order to see areas of growth or regression.

ocumenting negative behaviors is also helpful. When we look back at these records, we may see a pattern for when these behaviors are happening and what might be triggering them.

f course, we also need to keep good records on any illnesses or injuries that occur at school or at home. We need to keep parents informed, while also being watchful for signs of abuse.



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ballyhara

Taking records will save you some big issues later. First, that will let you know the regular flow you are handling, how much comes in and how much goes out. Second, that will be way much easier by the moment you have to pay your evil taxes. Another one, if you have an irregular transaction/event with a customer, you will have the proof to show and defend yourself. The most important part, you will be organized, and that will improve your relationship with your customers. Based on my own experience, I avoid to make deals with messy people, they never give me the answer or the attention that I deserve.



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Hurry14

Yeah, it's like a domino effect. If you let the first things you need to do fall then the latter parts of your business will also fall. And being organized is a must for every company if they want to know if they're doing good or bad. Things like this should not be overlooked because it's very important to every businesses.



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Soulwatcher

This was the biggest mistake that I made with my business. I wasn't making any money and I was hemorrhaging money, I bought a server, I colocated the server , I bought a expensive premade website and I bought cpanel and I bought advertising and I waited for the money to pour in which never happened and I ended up losing more money than I wanted and if I would have been keeping track that wouldn't have spent so much money carelessly.



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diels1001

Businessmen and business women who are not taking record keeping seriously will not succeed.That's like a rule of thumb that is really happening in reality. Business will grow through great mind and a hard work, and if someone is being lazy in keeping records, then his/her business cannot grow. It will also cause to the bankruptcy of that business.



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wilkan80

Keeping records is a must do for all types of businesses however big or small. To keep track of your business correct record keeping is very important, it will show a well-detailed performance of your business and you will keep track of where the business is coming from.
The history of a company can be well elaborated by its records you can draw the graph of the transactions from the information you get from your well-documented records. I highly recommend keeping of records in all forms or sizes of businesses.



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Baburra

It depends on what I'm doing. If it's just income from my blog or from my freelance work, I tend to just let the income come in and not think about it that much. If I'm doing some business, however, and I know I have to keep track of expenses and revenue, then I start to use a spreadsheet, but that's about it. When it comes to business ledgers, I am very serious, as I like to know and be able to track how well my plans are working. Otherwise, for the other types of freelance jobs and hobbies, I mostly just rely on the transaction history of whatever site it is I'm using.



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Barida

In as much as it is not a must that you take record keeping very serious in everything that you do as regards the freelancing job, I am of the opinion that you make some mini notes when it is time for you to make some expenses. It is going to assist in making everything work pretty fine at the end of the day.



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Kakashi2020

I would have to agree with you on that it depends on the kind of business or earnings that I have. If it's a minor one like earnings from online sites then I don't record it, because I usually have access to the sites record in my dashboard.



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sephzer

I always keeping my record in me. To monitor my business if it is growing or not. Sometimes I also record when I change something monitor if the change is good.



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saygorem

I strongly agree in your post. We have to make sure that the records shows and reflect the profit that you earned in your business. I just recently started a small business and I researched on how to manage money that comes in and out. It is better to monitor your expenses by using Apps that can monitor your expenditures.



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Kakashi2020

Record keeping is an essential accounting process. Every business owner should keep all the pertinent records to calculate his expenses and income. Without complete records a business owner would be at a loss on how his business is doing also you need it for your taxes.



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