Business insights on bookkeeping – Why you need a Bookkeeping system for your Business

April 19, 2021 2 Comments

Today in the Commerce, Trade and Business Sector, it’s fair enough to say that most Small and Medium Enterprises and Businesses are struggling to realise Revenues, expand their operations and undertake functional investments. This is solely due to lack of developed Financial Management and Accounting Systems. The Old Business model of Receiving Cash and keeping it in Company Drawers with no Electronic Accountability is way behind modern Business practices and is a recipe for Business Failure. Business Managers and Owners need detailed Accounting information to make informed decisions and assessment of Business Performance in terms of Profit and LossAssets and Liabilities and Cashflows, what needs to be done, what Cost cutting strategies need to be adopted, what level of investment needs to be taken and what Business Models need to be adopted to drive Business Growth.

Lack of a Basic Accounting package is dangerous for a Business looking to Expand and Grow its operations. Whether it’s a small retail shop selling basic household items, a fashion and design store dealing in clothing and accessories, a Service Business offering Commercial Services to Clients or a Private Business offering various product lines; The need for Developed Cash Management SystemsSales and Expense Control SystemDebtors and Creditors Management and Basic Accounts is Critical for Monitoring and Evaluating Business Performance and Financial Management. This provides a Basis for Assessing Business Performance through Preparation of Financial Reports(Profit and Loss Statement, The Balance Sheet and Cashflow Statement)

For any Modern Business, a well developed Bookkeeping System is not an Option to consider, it’s a MUST-HAVE. Business Owners need to abandon Traditional Accounting methods and Adopt Modern and Electronic Accounting Systems and Packages. Relying on manual Accounting procedures is risky for Businesses. Any form of accident or fire outbreak can lead to loss of Accounting information. Lack of data security is also typical of Traditional Accounting procceedures. With an Advanced Bookkeeping Package, the Security of your Financial Information is GuaranteedAccuracy is Improved and manual Accounting work is eliminated due to System Automation and Advanced inbuilt data formulas.

WHAT NEXT?
Every Business Owner looking to grow their Business Should Reconsider their Accounting Procceedures and see the bigger picture in adopting Advanced and Electronic Accounting Packages. It’s not something to think about, it’s something you should have done yesterday. Nevertheless, it’s not too late to get on track and set up your Business for Financial Succcess and Growth.

That’s why at Muyobo Consult, we are dedicated to helping you grow your Business with our advanced Bookkeeping Service. Our Services are Customer-Tailored to best fit your needs and requirements.

We have a Two-tire Bookkeeping Service;

  1. Advanced Accounting Software Packages which include Tally ERPQuickbooks and Advanced ERPs(Entreprise Resource Planning) for Manufacturing Companies, Schools, Hotels and Restaurants, Construction Companies and Small Businesses.
  2. Simple Bookkeeping Packages for Businesses.

Contact us Today on Whatsap +256705773975 or Send us an Email at info@muyoboconsult.com. You can also visit our website http://www.muyoboconsult.com for more information about our services.

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