Keep records that support business decisions
Keep records that support business decisions
Simple, consistent records help you see what is happening and explain your business to advisers or a lender.
Record transactions while they are fresh
Keep the date, description, amount, payment method, customer or supplier reference and receipt. Separate business and personal spending. Use a unique reference so the same transaction is not recorded twice. Keep supporting evidence securely.
Track money still owed
Maintain a list of invoices owed to you and bills you owe others, each with its due date and status. An unpaid sale may increase recorded profit without adding cash. Use realistic collection dates in the cash forecast and follow up overdue invoices respectfully.
Reconcile and review
Compare records with cash counted, bank statements and mobile-money statements. Investigate differences rather than inserting an unexplained adjustment. Count important stock regularly and check quantities against purchase and sales records. Agree who checks another person’s entries where staffing permits.
Prepare a secure information pack
Keep business registration and relevant permits, ownership details, financial records and purpose documents organised. Ask the lender which records and periods it actually needs. Share through an approved secure route, with access limited to the right people; do not upload sensitive documents to a general enquiry form.
Put it into practice
Choose a weekly recordkeeping time. Reconcile one account, list unexplained differences and assign someone to resolve them.
Take the next step with clarity
Lending is subject to eligibility, assessment and agreed terms. An enquiry is not a loan approval.