Why must business managers and entrepreneurs keep financial records?
What will be an ideal response?
Financial records are invaluable tools to the entrepreneur and manager. Good financial management
will allow the manager to maintain control of the business venture and to increase profits or reduce
losses. Financial records can reveal which items are selling and which are not. These records can also
show the extent of success of each person on the sales force. Financial records should indicate the
amount of inventory on hand and how much has been sold. How much profit is made and the total
value of the venture can be computed at any time using appropriate financial records.
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