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Keeping proper financial records is often neglected, but without it, Sales, Procurement, Deliveries, Human Resources, etc., cannot be managed meaningfully. Good financial control would ensure informed decision-making, happy staff, happy service providers, and happy clients. Good management over business finances is therefore crucial.

Owning a business requires a lot of input on the growth side of things. Between planning market strategies, networking and research, there is not much time for keeping the finance side in order, yet it becomes so important when closing some business deals to know what the financial implications of that deal might be, or if you are growing and at what rate you are growing.

Little has changed in the circumstances surrounding the expectations and delivery of the Budget Speeches in the past decade or so. There have always been all eyes on the (new) Finance Minister to see if he could pull a rabbit from the hat to change the South African economy around and every time we were left with some hope.

Every reputable accountant would mention budgeting, the preparation and overseeing of a financial plan that estimates income and expenses over a certain period, as part of their responsibility in every business. Budgeting is one of the most important financial skills a manager needs.

One of the toughest challenges a business must face, is when a trusted person from its own members of staff is suspected of breaching that trust by committing fraud. It often leads to the worst possible actions taken due to understandable emotional responses that could lead to a legal nightmare for the employer. It is far better to have a proper plan in place on how to deal with the suspicion of fraud.

With the end of the financial year around the corner for the average person or business, there is no better time to re-evaluate your bookkeeping process than now. If you have always felt that there must be a better way of keeping record of your business finances, step back for a moment, call in your finance staff and be prepared to roll up your sleeves and consider to your most valuable asset’s input – it will be worth the time spent in the end.

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