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Keeping & Management of Finance
Advantages Of Record Keeping And Management
There are numerous .advantages but we shall enumerate few .
1. It helps to evaluate the progress of business / organisation
2. To avoid over spending and losses
3.To control excess credit
4.To secure the capital
5.To invest wisely.
6.To control fund.
Management Of Loan, Credit And Debts.
The more people are given out loan or credit facilities , the more they are given out goods on credit thereby dangering the business or exposing it to liquidation.
Bank Loan / Over - draft.
For the fact Bank loan attracts interest charges, There is a need to avoid giving out goods on credits uncontrollable. The interest cost collecting debts and bad debts may wipe out profit generated in sales .
The dangers Of Selling On Credit.
Credit sale is encroachment to the working capital. Also relying solely on buying credits from suppliers weakens the operating capital which the heart of every business / organisation.
It is of great value to employ an expert in various areas of fields in business , especially in record keeping.Go for a qualified Accountant not minding the cost.
Obtain the service of an Auditor for periodic auditing of your company / business. It helps for a good valuation and performance.