Keeping records is crucial for the successful management of a business. A comprehensive recordkeeping system makes it possible for entrepreneurs to develop accurate and timely financial reports that show the progress and current condition of the business. With the financial report you can generate from a good recordkeeping system, you can compare performance during one period of time (month, quarter or year) with another period, calculate trends and plan for the business's future.
Every entrepreneur enters the business world with personal assets in terms of skills, interests, education, training, experience and ability. Some entrepreneurs are strong salespersons. These entrepreneurs possess excellent people skills and hands-on product/service knowledge that generate revenue for the firm. Some entrepreneurs are more management and detail-oriented. They like organizing, developing policies and procedures and recordkeeping.
For a business to be successful, its owner must possess a good blend of these skills: sales, customer service, management and recordkeeping. The sole proprietor must assume all the responsibility; but if the business has more than one owner or employee, it has the advantage of bringing sales, customer service, management and detail-oriented persons together to cover all aspects of the business.
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