Proper bookkeeping is critical for any business to survive

Editor, RE: “Bounced cheque: BNR should double public awareness” (The New Times, October 2).

Editor,

RE: “Bounced cheque: BNR should double public awareness” (The New Times, October 2).

Thank you for pinpointing the awareness and educational angle. Without rudimentary/elementary bookkeeping, without a record of how much cash you have in the bank, both individuals and institutions will inevitably suffer the affliction/plague of bounced cheques.

From experience, the local business community, public institutions and small and medium enterprises (SMEs) do not value record keeping. When they do, it most of the time is out of date.

Years back, a typical Asian business promoter would have in mind the importance of record keeping, not so the counterpart from other local communities/backgrounds.

Records/bookkeeping help in meeting third-party requirements e.g. Rwanda Revenue Authority or the bank when in need of a loan.

It is no secret that some taxpayers avoid record keeping to dupe RRA. It is also good to keep records for own use, internal management and decision making? A mind shift is urgently needed; the status quo must shaken and modern tools employed.

Munga

 

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