Right decision at the right time
To obtain suppliers’ trust and confidence
To ease loan approval process
- The financial statements for the past 3 years.
- Present and forecasted future cash flows.
- Active business bank accounts.
With a sound accounting system, business owners could easily supply all those required information immediately.
Early detection of problems and enhance business competitiveness.
Effective internal control
Psychologically, good record keeping and filing system warns staffs that fraudulence activities will be easily detected. Businesses dealing with cash are exposed to risks related to insincere staffs.
Monthly bank reconciliation statement helps business to detect if there is any unauthorized issuance of cheque.
Proper maintenance of creditor ledgers could prevent double payments made to suppliers and avoid unnecessary dispute between both parties