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Importance of accounting records

Did you know that how frequently you do your accounting can affect your company's survival rate?

Both how often you do your accounting as well as the quality of the records you keep does affect your company's survival rate.

According to a study of small businesses in New Zealand by Robert Hamilton and John English, the frequency and quality of your accounting records plays a significant role in the survival of your business.

FrequencySurvival Rate Accounting RecordsSurvival Rate
At Least Monthly79.7% Excellent/Good63%
Quarterly71.5% Average49.8%
Half-yearly49.9% Inadequate20.1%
Annually36% Poor/Non-existent2.5%

Source: The Small Business Book: a New Zealand Guide (Robert Hamilton and John English).

Part of the process of ensuring your business not only survives but succeeds is putting an accounting system in place from day one.

A good accounting system will provide you with invaluable information and insight into how your business is doing, and help you manage your business better.

MYOB has a solution for each phase of your business's growth. From one man shows to full fledged multi-user environments.

Contact us for a free consultation and demo on how your investment in MYOB will go a long way towards helping you achieve your goals.

 



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