Why You Should Keep Good Financial Records

Joshua V. Azran, partner/owner of Azran Financial (www.azranfinancial.com), discusses why you should keep organized financial records.

  1. Help identify sources & uses of funds, plus accurately plan for ongoing needs
  2. Easily prepare statements for shareholders, loan apps, filings, etc.
  3. Important for tax filings to track taxable income & deductible expenses

Imagine the sight of a company that everyone speaks a different language. How on Earth are you going to get them to operate under the same discipline to get a project done?

The way I look at it is I have to figure out a way to communicate my needs as a buyer of a project in a very, very elemental way because people are either conceptual, linear, adapting or changing in behaviors.

So I ask them to ask me these questions, “What are the goals of this project for all the company and me? Why was it created?”

The next thing I ask is, “What are the measurements of success? When should it be finished? How are resources going to be allocated? What is the lowest cost budget?” Then I ask, “What will help or hinder the successful and on time delivery?”

I ask, “What will help or hinder successful and on time delivery?” and then I ask, “What resources do you suggest with people, time and money or do I have to figure those out myself?”

Follow up with, “When is the best check-in points along the way? How can it be more successful? How can I fail faster and finally, what will be delivered or presented at this check-in? What format would you like this task or project in?”

If you’ve asked these questions upfront and gotten very, very clear concise answers, I guarantee you understanding exactly what needs to be done will be crystal clear but guess what’s up there. Let’s move into post project or assignment.

Post project, you got to ask, what are the results? Do they map back to the goals and measurements allocated? What was the time and effort investment versus budget? And how can we improve the product or the outcome for this project or task? Do people really know what you’re asking of them? You’re ultimately responsible to either get them to ask the questions or filling in the blanks yourself.

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