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Wednesday, November 9, 2011

Monetary Error 1 - Not Having Your Ducks In A Line!

By Stephen Goodwin

Here's a great brief article from a top firm of North West London Accountants

In the early days of a business keeping records does not even register on the list of critical things that you will need to do.

But as your business matures (and that can occur quite quickly for some) it becomes more important that you have records that are not only accurate and up to date, but that also tell you where you are in terms of your business journey.

As an example, you would never go on a long distance drive without any of the dials on your dashboard working, would you? Can you imagine if making an attempt to know what speed you are doing or whether you are within the road limit if your failed to have a speedometer? Or what if it started raining and your windscreen wipers were not working? Or if the oil gauge was not working and you were low on oil!

So having the numbers to hand is a massively significant ingredient if you would like to be certain you are in control as you ramp up your business.

If you don't have this info your business is at serious risk!

Now if you don't have a system to manage your records here are a few tips

1. First it's possible to get one of the small packages you can buy off the shelf. Anything like Sage or Quickbooks would be a good start.

2. Then get some coaching or find someone that's competent in using one of these programs to keep it up to date.

3. And lastly ensure you can print off reports from the system that give you the key numbers for your type of business.

Enormous Tip: Before buying a system like this make sure you can get the reports you want to keep your finger on the pulse. So know what your key numbers are first and then work backwards to determine if the program troubled can give you that info.

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