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[Deyiang]

A sole proprietor is a person that take decision of his or her business.
He or she bears the risk of the business.
Sometimes being the owner he may find that sales records are not necessarily because he is not accountable to anybody

What is sales records; Sales records is the act of keeping day to day sales and expensive that took place that day.
Do you think it is necessary to keep records the day activities or we should not since we not accountable to anybody.

 

[Gamer01]

Yes it would be good if you keep an record if you are an educated person listing your expenses save you time when you are analysing where your money is spent actually and how you can reduce or manage it indeed .

 

[Sammydan]

Sales recording is important in business, regardless of the type of business you're into. Actually, some people will say there's no need to keep sales record in proprietorship since you're not accountable to anybody. But I don't agree with that opinion. As a business owner, you should be accountable to yourself by constantly review your sales recording to know how your business is faring.

 

[Gamer01]

Yes you are right we should always make ourselves accountable as well this will help us to inprove and we will be able to do much wonders actually indeed we should never think that we are owner instead we should be ready to take the responsibilty of the business .

 

[btaliat]

For a business owner that wants to track the inflow and outflow of his business capital, there is a need to be recording some daily expenses. This will guide the owner to know when he's making profit or loss and make him accountable as well.

 

[Deyiang]

For a business owner that wants to track the inflow and outflow of his business capital, there is a need to be recording some daily expenses. This will guide the owner to know when he's making profit or loss and make him accountable as well.

I have seen many that don't keep records most of them feel may be the business is small or the may be lazy of records keeping sometimes they it not necessary especially when the profit is making.
That doesn't stop them from making progress of their business.

 

[abdul001]

A sole proprietor should take records of his sales as that would help track the progress of the organization and even help to monitor stock to make sure there is enough for customers to buy and note the ones that are out of stock to avoid disappointing customers when they ask.

 

[btaliat]

I have seen many that don't keep records most of them feel may be the business is small or the may be lazy of records keeping sometimes they it not necessary especially when the profit is making.
That doesn't stop them from making progress of their business.

The overall effect may not be felt instantly. But one thing is that they may end up spending the profit together with rhe capital. Aside that, they may end up losing loan because loan company will ask for records.

 

[Usman ameen]

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4. Network marketing leverages the efforts of dozens, hundreds, and even thousands of others. All of these people are working on THEIR business but also are creating a stream of residual income for you.

 

[Teegold]

Of course it is important for any business organization to have a record of sales. This will help them to keep track of how the business has been faring so far, how much profit is being made and some other details.

 

[Emmanuel24]

Sales record is necessary in sole proprietorship's business because of many advantages that can be enjoyed such as: avoiding error and mistakes, able to determine the number and amount of sales in a particular period, it can be used to trade record of historical sales.

 

[a_jerobon]

Record keeping is very important to business. Even as a sole proprietor, you should keep records so that you don't get into loss. You may not be accountable to anyone but you are still tasked with keeping your business running. Accountability to self is still a great responsibility.

 

[Yohanna]

In reality, to become a very successful sole proprietorship, you need to keep records of the sales that you have made in your company so that you can calculate the amount of gains that you have been making from such business.

 

[Bigron]

Yes, it is crucial to maintain records of revenue as a sole proprietor. For fiscal reasons, sole proprietors have to archive business records. Maintaining thorough records will help you file your tax returns accurately and on time, as well as enable you to track the economic state of your company.

 

[IB DD]

One of the most important qualities of any business person that wants to be successful is good record keeping ability. There is so much that a person can commit to memory especially financial details. Keeping records make the entrepreneur to be able to keep track of the going ons in the business. I keep financial records and a business diary.

 

[Prissygirl]

A sole proprietor is a person that take decision of his or her business.
He or she bears the risk of the business.
Sometimes being the owner he may find that sales records are not necessarily because he is not accountable to anybody

What is sales records; Sales records is the act of keeping day to day sales and expensive that took place that day.
Do you think it is necessary to keep records the day activities or we should not since we not accountable to anybody.

Yes, it's very important. Whether you are accountable to anybody or not, try and keep proper records of sales. It doesn't matter you kept it on soft copy or hard copy but try and keep it. There are many things you will want to do in your business, they will request for your day to day records.

 

[Pousinha]

Yes, obviously I do after each sale. In January, I opened a very small commerce (the laws concerning my kind of very small business let me open until 16 activities, so I could open this small commerce alongside my teaching job) and I'm obliged to keep up-to-day the accounting entries to legally carry on the business. To avoid to forget some sales, I don't like to wait too much to keep up-to-day my accounting entries, even knowing I have until the 20th of each month of timeline.

 

[btaliat]

Record keeping will also help a business owner to know how to track those that are owning the business owner. This may be written in a debtor books. All these are some of the benefits and most reasons why business owners need to have a record book.

 

[Bigron]

One of the most important qualities of any business person that wants to be successful is good record keeping ability. There is so much that a person can commit to memory especially financial details. Keeping records make the entrepreneur to be able to keep track of the going ons in the business. I keep financial records and a business diary.

Many firms are required by law to maintain specific records, and failure to do so may result in penalties or legal action. It can be difficult to track the development of the company and make wise decisions regarding its future without accurate records.

 

[IB DD]

Many firms are required by law to maintain specific records, and failure to do so may result in penalties or legal action. It can be difficult to track the development of the company and make wise decisions regarding its future without accurate records.

A sole proprietorship business is not required by law to show records. Notwithstanding, a sole proprietorship business that keeps accurate and easily understandable records finds it easy to get funding from any source. Investors, bank loans, grants all need to look at your financial records before they release funds to you as a business person. Record keeping even helps you to study and understand busines trends.