Why Financial Records Are Important

1 year ago
keeping financial records

Being an entrepreneur isn’t just about keeping your eyes and ears open to opportunity; it’s just as much about disciple and effort. As the prolific inventor and businessman Thomas Edison used to say, “Genius is one per cent inspiration, ninety-nine per cent perspiration”. The inventor of the light bulb and the gramophone should know.

Beyond legal

If you’re running a start-up or any limited company for that matter, keeping financial records is not just about keeping on the right side of the law; it’s about making life easier for everyone. And this is good for business. How can a savvy entrepreneur use these records to his or her advantage? Read on.

Creating data

The answer lies in the information itself. First and foremost, financial records generate data., from which actionable insights can be easily obtained. For example, a start-up looking to attract investment should have a clear and straightforward system to record all transactions or purchases. Over time the data provides a picture that can make a big difference for anyone looking to invest in the company. The same applies to other functions such as payroll and VAT. So, what is the key to streamline this process?

In the clouds

Let’s try some blue-sky thinking… Imagine a world where recording a transaction would be a seamless process: All you need is a connection to the Internet and off you go, even when all you carry with you is a mobile phone. That world is already here. This is one of the many advantages of cloud computing: Information at your fingertips, anytime, anywhere. And for many start-ups, this makes a world of difference. Systems such as Sage One provide secure solutions that can be adapted to any company.

Integration

The key to successful record keeping is integration. Sage One offers a secure system that includes VAT, Payroll and Accountant’s tools, all under the same roof. They are integrated and accessible on a number of platforms, from mobile to desktop. And if that isn’t enough, our award-winning phone, email and chat support services are available 24/7. Integration extends to bank reconciliation as well as invoicing. Finally, our blog contains a wealth of useful information. For more information, please download our Quickstart guide to keeping financial records.