A successful business owner must know and understand the finances for the enterprise to run efficiently and grow exponentially. Availability of updated and accurate financial records forms the basis for rational decision-making for the business.
I have been lucky to master record-keeping and its importance in directing business operations from running my chain of bookshops, Archway Books located across Northern England. At work, I freed a few minutes every day to cash up, calculate and record totals for various performance indicators on a spreadsheet. Simplistic as it may seem, I realised many benefits to my expansion path; I always knew how revenues were racking up in all of my stores.
Additionally, I could use these financial records from Bould Bookkeeping to compare my business’s performance from one week, month or year to another, helping project future sales. Understanding your business’s financial numbers is the first step in expansion plans, addressing the loss of funds and boosting revenues.
For instance, late payments are one of the main hindrances to exponential growth for most business organisations. I relied on my records to ensure prompt payment of invoices and tracking down pending payments for sales in my book business. Additionally, financial records helped …