SOME REASONS WHY RECORDING YOUR TRANSACTIONS IS A MUST
– TO KNOW HOW MUCH MONEY YOU ARE MAKING
If you don’t record transactions, then at the end of the day how do you know how much money you made?
For example if you own a boutique and sold 12 shirts, 15 trousers, 10 belts, 20 pairs of shoes in a day. You will definitely find it difficult to remember all the things you sold for that day.
Recording a transaction every time you make a sale will make you know the total amount you made for the day.
– TO CONTROL COST
As a business owner, it is not just about making sales but controlling costs.
For you to be able to know the amount of sales to make so you can cover costs, you need to record your expenses.
Recoding expenses also allows you to know what you are spending your money on and how to plan for the future.
– TO KNOW IF YOUR BUSINESS IS DOING WELL OR NOT
Recording transactions enables you to know if your business is doing well or not.
You can know the products that are selling fast, which marketing activities are the most effective.
You can only improve on what you can measure.
Technology has made it easier to measure things. You can record your transactions in order to know if your business is making profit or not with the help of a mobile app.
One mobile app I would recommend for recording your transactions is DEXTRACK. You can get this app on the play store. The app is VERY EASY to use. It also works WITHOUT THE INTERNET ie you don’t need to have data on your phone to use it.