Yes, it is true that losing control of the finances in business is a disaster. As a business owner, you must see to it that proper handling and accounting of money is proper and not exceeding. What to do, a business owner must always do proper accounting through his accountant and bookkeeping, inventory as planned, and check the receipts on the counter if they match the items that were sold. Also, scrutinize the receipts handled by the property custodian, there might be discrepancies to mean tampered prices. If the business owner won't do this, time comes, his business will go bankrupt because of mishandling.
Losing control of the finances in business is a disaster
- Thread starter Starmix
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- #8
Agree woth you, and this kind will be inevitable if there is mismanagement. The business owner must be observant and follow his plans.
Whatever it takes, businessmen should take the risk not to fail in their businesses. It will surely a disaster if they give up that easily.
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- #13
Bankruptcy will happen if the business owner lacks control of his business. He may let many customers buy on credit to assume of volume sales not withstanding their true colors as bad liabilities.
I agree that we need to be so familiar with the financial management and put into practice its principles.
Every business persist should have the financials of his or her business on the fingertips. That is to say he or she studies the financials of the business everyday.
