Book-keeping & Financial Management
Book-keeping refers to the recoding of the transactions that your business undertakes. It is an essential part of what you do.
In the simplest form you will maintain a record of the following:
Cash Transactions
Bank Transactions 
The sales you have made
The purchases you have made both for re-sell and business use (e.g. company car)
The amounts you have received for your sales and the amounts owing to you
The amounts you have paid for your purchases and the amounts owing by you
The Salaries you have paid and the deductions from the salaries you have paid and owe.

The above enables you to see how the business is performing by producing:
Profit & Loss Account
Balance Sheet
Cash Flow

Financial Management
It is taken that you are good at what you do and that there is a market for your business. The key to survival is good financial management. This could make the difference between surviving or not.
You need to be aware of the financial mechanics of your business. That is how cash moves around within your trading cycle. 


tumblr site counter