Keeping records for your business

There’s a saying that goes: what doesn’t get measured doesn’t get done. Running a successful business entails keeping accurate and timely financial information in order to assess growth. A good record keeping system also provides you with the information you need to evaluate the consequences of your financial decisions.

A business owner engages in various activities whereby money flows through their business. Essentially, there is money coming into the business (income) and money going out of the business (expenses). These money flows are called transactions.

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