Presentation by Group 4

Keeping
Business
Records
Entrepreneurship Quarter 2 Module 6
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What I know
TRUE OR FALSE
1 . Business recording is an optional obligation.
2. Business recording makes planning easy.
3. “Record keeping” refers to the orderly and disciplined practice of storing
business records.
4. Proper Record Keeping is Required by Law.
5. There are three (3) key points to remember on business recording.
6. Business Planning is hard.
7. The reporting to investors is made easy.
8. Proper business recording is not mandated by law.
9. Business people do serious record keeping.
10. Investors can have reports with the use of business records.
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Record Keeping
The term "record keeping" refers to the
01 orderly and disciplined practice of storing
business records. Record keeping is one
03
of your most important responsibilities of
a small business owner.
Record keeping ranges from simple
folder filing systems to complex on-line
electronic systems. Whether simple or
complex, a record keeping system must
be easy to use.

It is the act of keeping track of the history of
02 a person's or organization's activities,
generally by creating and storing consistent,
formal records. Basically it is how you log,
store and dispose of important financial
information for your business.
Most importantly, the record keeping
04 system you choose must fit your business
needs. The type, size, and complexity of
your business, as well as your available
resources, will help to determine the
record keeping system that is best for
your business.
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Importance of the business record keeping
with its Top Reasons;

1. Better financial analysis and management.

You can arrange it from up-to-date follow-ups,

invoicing, and on-time payment for suppliers.

2. Fulfillment of Tax Obligations.

You can keep track on any information and
documents for taxes.
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3. The reporting to Investors is Easy.

You can provide to yourself as the investor the
important information about the financial status
of the business.
4. Business Planning is Easy.
You can monitor if the company is on the right
track financially and decide the next thing to be
done
5. Proper Record Keeping is Required by Law.
You can prepare for legal requirements.
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TOP THREE (3) KEY POINTS TO REMEMBER ON

BUSINESS RECORDING
First is that, as a small business owner you still need to track a significant amount of
information. No matter the type, size, or complexity of your business, establish, and maintain a
proper record keeping system that is suited to your business needs.
Second is, regardless of whether you use a computer system, you will need to think about
a business record system. There are many software products to help you keep records for your
business.
Third is, you must do a record keeping system or use a combination and you must start
now.

Business people do serious record keeping.

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ASSESSMENT
1-5. Enumerate the Importance of the business record keeping.

6-10. TRUE OR FALSE

6. Business recording is an optional obligation.
7. Business recording makes planning easy.
8. You don't need good records to monitor the progress of your business
9. A record keeping system must be easy to use.
10. Record keeping is one of your most important responsibilities of a
small business owner.
 Presentation by Group 4

Thank You
So Much!