What is the importance of keeping records in business?

[Stardom22]

Like in almost every business, the business managers are seen to be keeping every records regarding the business in terms of sales, purchase's and the inventory system for the business. What do you think the records are of what importance to the business?

 

[magnus2022]

Keeping records help the business owner to evaluate and review his business and see if the business is making progress or not. Record keeping is very vital in business that it helps the business owner to have presentable information in case he want to sell the business tomorrow

 

[eLdavis]

Keeping records helps you monitor the business, this way you can easily find out if it's doing well or not.

 

[Augusta]

You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make.

 

[Stardom22]

Records keeping in businesses serve as references for future business purposes. Business records can help to facilitate the financial business audit which may be required by the governments and other stakeholders for sure.