RECORDS KEEPING IS A TOOL FOR FINANCIAL SUCCESS IN BUSINESS (MYB™ Series)

 

Records keeping are important, whether in your business or personal life.  Well kept records helps chart a course and prompts you to the next line of action. They show whether you are still in line with your vision or have derailed.

Most developed countries like America have rich histories because they have well kept and documented records.

In business, Financial Records Keeping (FRK) creates a solid history for your business.  You can track your transactions; your sales, inflow and outflows; monitor growth from inception to date.  Financial records keeping (FRK) will prevent financial clutter and help you in making strategic decisions. 

If you are in the habit of destroying financial records like – receipts, deposit slips, contract agreements, be careful because you may have regrets someday when you need these documents and do not have them anymore .It is not too late to start keeping records, you can start now.

As you plan for a new week, month or year, make record keeping part of your goals.  Below are some reasons why record keeping is important.

THE IMPORTANCE OF FINANCIAL RECORDS IN YOUR BUSINESS

1.    Helps establish a check system for profit or losses in your business

 

      2.    Helps in monitoring/tracking debtors and creditors

3.    Helps in your tax computation (so you do not overpayment or under payment of taxes)

4.    Monitors business debt profile (whether it is increasing or decreasing)

5.    Helps you in business valuation (when you want to sell some part or all of your business)

6.    Helps determine your business cash inflow/outflow pattern

7.    Creates financial integrity for your business (your business records speak for itself)

 

THE IMPORTANCE OF FINANCIAL RECORDS IN YOUR PERSONAL LIFE

1.    Helps you determine your networth

2.    Helps you evaluate how well you are achieving your financial goals

3.    Creates transparency and limits suspection

4.    Helps you know your money character -  spender, miser, donor, saver, strategist, futurist, announcer, etc

5.    Helps you review and increase your financial goals

 

Don’t just invest in a record keeping system.  Invest in a relationship with an expert which will pay you now and in the future. 

Your accounting software will only show you figures.  It’s the accountant/finance expert that will explain what each figure represents.

 

I remain passionate about your financial success in bussiness & life,

 

Ehis Egbuji.

THE TWO MOST IMPORTANT DOCUMENTS IN YOUR LIFE! ( THE MYB ™ SERIES )

If you are 18 years or older, there are two important documents you will need during your lifetime.  The first is your international passport.

The second most important document you need in your life is – your Tax Clearance Certificate  (TCC).  This is your ‘Tax Passport’.

A Tax Clearance Certificate ( Tax Passport) is a document issued when you pay your tax to the Government. It makes you a bonafide member of the society and gives you the right to demand good governance and amenities from the government.

Not paying tax makes you an illegal member of the society and can result in criminal charges against you.

Whether you are self employed or own a business,  it’s your duty to make tax payments at the end of each year.   If you are an employee,  ensure that your employer has been remitting all taxes deducted from your salary especially as the year end draws near.

As a self employed business owner or as an employee, there are  certain tax – free deduction you can enjoy on your earnings.   It’s your net earning that should be taxed.   To avoid a wrong tax computation and enjoy the available tax – free deduction on your earnings, please seek the help of a finance expert.


I remain passionately committed to your success!

EHIS EGBUJI 
Finance Expert. 
Business Accounting • Personal Finance • Tax • Training 

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For further enquiries –
E-mail: ehisegbuji@gmail.com  
Phone: +2348091001173 
Twitter: @ehisbebe

Photo credit - wwwrocketswag.com

LIVE AND ENJOY YOUR LIFE! (The Minding Your Business (MYB™) Series)

'De-clutter your life.  Not everything is necessary; not every information is important.'

Everyone requires the basic necessities of food, shelter and clothing.  Every other need falls between a comfort and a luxury position.  Comfort makes life a lot easier for you.  Luxury gives you a sense of power, that yearning to belong to a clique, or simply to show off.  Comfort puts you at relative easy.  Basic and luxury create tension.

THE MYB™ LIFE CHART

                                              The MYB™  Life Chart

Your position on the MYB™  Life Chart is relative to your goals and aspirations.  Don’t stop aspiring to be a better you, a richer or wealthier you.  'There are no wrong or right ambitions; its your intentions that makes your ambition right or wrong'. Aspire to be above the basic needs position.  Strive to remain within the comfort position.  Aviod getting into a luxurious lifestyle (the luxury position).


If your intentions are noble, you will aim to find a noble path to acquiring wealth/riches.  If not, your path to weath maybe flawed.  Aim for and strive to remain in the comfort position; its the best position to achieve your life goals.  You can achieve your financial life goals with the help of a finance expert .  Find a finance expert  online or offline, depending on which works best for you.


Till next time…..

Treasure this information; it’s the new currency.  I remain passionately committed to your success!

EHIS EGBUJI
Finance Expert
E- mail – ehisegbuji@gmail.com
Twitter - @ehisbebe
(The creator of ‘Minding Your Business Series’ - MYB™)