Benefits of Record-Keeping Management

2022

Benefits of
Record-Keeping

Management

E-MAGAZINE

Benefits of Record-Keeping Management

Step Back in Your Business

Nur Nadhirah Bt Mohd Azis
2022782407

Nur Amani Syamimi Bt Mohd Nazir
2022947465

Nurul Izzah Afrina Bt Mohd Nizar
2022937649

Haris Haikal Bin Hamidi
2022905757

Akif Baihaqi Bin Mohd Zuki
2022787717

E-MAGAZINE

Acknowledgement

First and foremost, we would like to express our heartfelt gratitude to Madam
Noryana, our beloved lecturer, for providing us with this opportunity to work on
this E-Magazine assignment. The task that was given did an excellent job of
assisting our group in conducting extensive research and learning more about
the management of business records.

Furthermore, we have enhanced our average skill in creating an E-Magazine
and also enhanced our knowledge about the benefits of business record
keeping. For this, we are honoured to express our gratitude to Madam Noryana,
our IMR652 lecturer, for the learning possibilities she has provided.

Second, in full humility, over helmed in all humbleness and gratefulness to
acknowledge gratitude ness depth to ourselves as a group member who helped
in accomplishing this E-Magazine.

TABLE OF CONTENTS

INTRODUCTION
SUMMARY

TOPIC 1
DOES RECORD-KEEPING HAVE TO DO
WITH DECISION-MAKING?

TOPIC 2
BUSINESS RECORD MANAGEMENT HELP IN
BUSINESS SUSTAINABILITY

TOPIC 3
RECORD-KEEPING MANAGEMENT AFFECTS
THE FUNDAMENTAL PROBLEM IN BUSINESS

TOPIC 4
BUSINESS RECORD MANAGEMENT IS VITAL
FOR BUSINESS FINANCIAL MANAGEMENT
TOPIC 5
BUSINESS RECORDS MANAGEMENT HELP IN
COST-CUTTING, SAVE TIME AND EFFORTS
CONCLUSION

Records management is in charge of effectively and methodically controlling
the development, receiving, upkeep, use, and disposal of records. This
includes systems for gathering and preserving records that serve as proof of
and information about corporate transactions and operations.

Records management systems help to increase the efficiency of records as a
management memory that manages the hours, equipment, and space given
for records. Businesses can plan successfully, make choices, and preserve
facts and figures for use in the future with the information and data produced
by an effective records management program.

Many businesses are still using manual processes, and there are several ways
to cut costs and save time and effort by switching to a digital document
management strategy.




1

Records management systems help to increase the
efficiency of records as a management memory that
manages the hours, equipment, and space given for
records, as well as to simplify intra-organizational, by
organizing and safeguarding an institution's records.




Businesses can plan successfully, make choices, and preserve facts and
figures for use in the future with the information and data produced by an
effective records management program. The management and organization
of the business will as a result become more effective and efficient

The economic prosperity of the majority of industrialized nations depends on
small and medium-sized enterprises (SMEs). Small-scale business operator
units should make sure that they are kept and arranged because complete and
correct business records are crucial for making decisions. Entities must adopt
appropriate record maintenance practices in some way if they want to generate
and provide services effectively.

2

For instance, a lot of academics agree that financial accounting systems have an
impact on a company's development and performance. The position of the
business on a daily, weekly, monthly, quarterly, and annual basis must be known
to the owner. Is the company making money and either growing or losing
customers? Does the company have enough cash on hand to satisfy all of its
obligations and achieve the objectives that the owner has set for the company?
The owner needs to know how much inventory to have on hand, how much need
to order when the business needs it, and the balance in the business bank
account to cover payments for running business-like rent, utilities, office
supplies, inventory, and employee wages, and payroll taxes.

Before interpreting their planning for the company's
goals, mission, and vision, business owners must first
take all of these factors into account. It will be simple for
the business owner to stay on track and see everything
clearly when they need to make a decision thanks to
business record keeping.

3

Small and medium-sized enterprises (SMEs) are basic to the financial progress
of most evolved nations. Since complete and addressed business records are
crucial for navigation, limited scope business administrator units ought to
guarantee that they are held. This can be guaranteed by going through record-
continuing preparation and selecting educated and proficient workers. SMEs
utilize roughly 66% of the nation's labour force, add to government pay age
through pay tax collection, and deal with family pay through duties, benefits,
and compensations, to give some examples. Consequently, there is a need to
urge SMEs to keep up with legitimate records for the endurance and
development of private companies.




According to the survey results, business records management training, setting
business records management policies and proper records management
positively affect business growth

To have an intensive comprehension of business records the executives and
SMEs' drawn-out reasonability. The records continuum model Evans,
McKemmish, and the dynamic hypothesis. The review was directed by a
reasonable comprehension of business maintainability and business records on
the board as a structure explicit way of thinking. The objective is to comprehend
the collaborations more readily between business records the executives and
SMEs' drawn-out practicality (organizations).

4

Likewise, we have introduced the reasonable point of view of business records to
the board and business improvement, and we have closed by drawing a
connection between business records keeping pioneering development and
improvement, and the records continuum hypothesis, dynamic hypothesis, and
asset-based hypothesis. In any case, all speculations were investigated, laid out,
and connected. The idea of business records for the executives is currently
situated as a cross-edge way to deal with track business development.

We have arranged business records for the executives as an essential
administration device for corporate manageability and development,
supplementing and filling in as a basic motor for following provincial, financial,
and social improvement in Ghana. Given the significant job that these SMEs play
in monetary turn of events, the progression of this activity will put SMEs on a
reasonable improvement scale, guaranteeing financial thriving, since exact and
ideal records of data assist with settling on great business the board and activity
choices.

Consequently, we acknowledge the idea of business records the executives as a
business the board technique and method for pursuing fruitful choices that lead
to business development as smart. We have experimentally tried and laid out the
association between the reliant and the free factors, the result of this
examination has been clarified in the calculated system underneath.

Benefits of Becoming a Sustainable Business:

1.Improved brand image and competitive
advantage.

2.Increase productivity and reduce costs.
3.Increase business ability to comply with the

regulation.
4.Attract employees and investors.
5.Reduce waste.
6.Make shareholders happy.

5

Ineffective records management strategies can cost your company a lot of
money. Because of tax and financial considerations, everything in a
corporation must be recorded. Every company, large or little, should have a
detailed budget. Failure to keep adequate records can lead to a company's
budget being depleted, causing it to spend more than it brings in. This can lead
to issues with suppliers, payroll, utilities, and other critical aspects of a
successful firm.

If businesses fail to keep sufficient records from the start, they may be forced
to file for bankruptcy or close their doors. Sloppy recordkeeping that results
in legal consequences can harm a company's brand and reputation.

Depending on the severity of the problem, poor records administration may go
unnoticed at first, but most will suffer the consequences sooner or later. To
ensure that their documents are safe, businesses should implement backup
solutions. Many businesses, especially small, family-owned firms, still employ
old-fashioned file systems.

However, with today's business and communication techniques, it's critical to
combine hard copies and digital copies into a system that works together.

6

HELPS TO AVOID FUNDAMENTAL PROBLEMS IN BUSINESS



1. Conduct a swot analysis

Every good business helps clients solve an issue. What if, when viewed from a
different perspective, your specific business challenge is an opportunity or even
a strength? This is when you should perform a SWOT analysis to see if that is
indeed the case.

When it comes to investing resources to tackle a problem, SWOT is a useful
technique for strategic planning and bringing diverse perspectives to the table.
This could even be used in your search for the root of your problem, as it can
swiftly highlight your company's distinct strengths and limitations. After that,
you might use your insights to jumpstart a solution by identifying any
prospective opportunities or dangers.

2. Conduct market research and customer outreach

Market research and customer outreach aren't tasks that can be checked off
the list by small business owners and entrepreneurs. When you're stuck,
remember the last time you did some thorough market research or dived deep
into the competitive landscape.

Market research and the information gleaned through customer engagement
aren't panaceas. Many businesses are unsure what to do when faced with
contradictory data. However, it is worthwhile to persevere and gather the
information that will help you better understand your target market.
Furthermore, one of the best sources of criticism is your consumers. If you
can resist taking the negatives personally, it's a gift.

7

3. Watch your cash flow

Pay special attention to your cash flow and cash flow prediction while working
to address a difficult business problem. Knowing when your firm is on the
verge of running out of cash can help you take preventative measures. It's far
easier to secure a line of credit while your finances are in good shape rather
than when you're on the verge of bankruptcy.
It's easy to get tunnel vision when dealing with a significant problem. You'll
gain from giving your company some breathing room while you decide what to
do next.

8

Planning, regulating, executing, and monitoring fiscal
policies and operations, as well as accounting and
auditing revenue, spending, assets, and liabilities, are all
part of financial management. It includes day-to-day
cash management as well as the development of short-,
medium-, and long-term financial goals, policies, and
strategies to support the company's operations.

Planning and regulating capital spending, managing assets, consulting with
the treasury, and making financing and performance choices are all part
of financial management.

9

There are many benefits of good financial record keeping in small enterprises
businesses. Good financial record keeping can help to protect the business
activities, can measure the performance of the business, can maximize all the
profits in the business, planning, and working will be more efficient in the
businesses, generating the meaningful reports of the businesses activities
every year, can meet legal and tax requirements that have been set by the
governments to all the small enterprise’s businesses activities, protect the
business rights and can manage all the potential risks that can happen in the
business.

Furthermore, a financial records management system may help small
enterprise businesses enhance their short- and long-term company
performance by streamlining invoice records and expenditure collection,
eliminating accounting data mistakes caused by manual data entry, and
reducing record redundancy.

Various small enterprise businesses have their own financial records systems,
such as manual bookkeeping or a stand-alone system. Maintaining accurate
and up-to-date records is critical to your company's success.

Good records can help to reduce losses, manage cash, comply with any legal,
regulatory, or taxation authority requirements, and improve financial
analytics. The best accountant can assist with the creation of a record-
keeping system to make sure that it will be kept in a good way.

10

The Financial Records Management System (FRS) is also a vital instrument
for assisting management and board members in more efficiently and
profitably managing common financial resources.
Most firms utilize it to make record-keeping easier and to provide useful
and reliable reports. The benefits of an online financial records
management system (FRS) include the ability to track corporate
transactions such as income, spending, and assets.

It is a cost-effective method of keeping financial records that require
minimal storage space. Online FRS may boost productivity, accuracy in
regular tasks, fast speed, reporting flexibility, dependability, and simplicity
of backup and restoration of records.

FRS makes it easier for users to create invoices and financial statements by
allowing them to compare handwritten data. FRS allows customers to back
up their records and save them safely in the event of a fire or theft.
As a result, an online financial records management system for micro-
businesses (FRS-ME) is being created in this project to assist micro-firms in
effectively tracking and managing their financial records.

11

In the twenty-first century, effective and efficient records management needs
modernizing and automation procedures, but not all businesses are on board.
Many businesses are still using manual processes, and there are several ways to
cut costs and save time and effort by switching to a digital document
management strategy.

The organization can save costs by moving all the physical records to a digital
format using the electronic or cloud storage compatible with the amount of data
and information so that the storage space can be saved.

This is because they do not have to invest in supplies and services while using
manual document management such as paper, printer, ink, toner, and the
maintenance and repairs of the photocopy machine.

Not only that, but it will also make it more efficient with the increase in
document security. Usually, physical records can be compromised by loss,
damage, theft, fraud, and more. This risk requires the implementation of
improved security measures to protect paper documents, such as storing
information off-site or developing and maintaining secure systems to protect
papers from damage.

12

The electronic copies of your data are protected from physical damage and
loss with digital record keeping, and you can also protect them through
simple and inexpensive solutions like digital backups and authorization
settings.

Data and information can be easily searched, locate, analyze, and organize
by using digital document management. This is because the employees do
not have to sort and main the records physically using manual document
management.

Therefore, Records Management minimizes ROT (redundant, obsolete, and
trivial content) by destroying information that is no longer required.

Employees' time and costs associated with looking for records or recreating
records if they cannot be located are substantial. We've seen organizations’
time that they take to reply to an FOI request from weeks to days or even
hours. The capacity to identify all documents related to a specific issue and
supply them within an expected timeframe is both great management and
good policy.

Furthermore, workers spend around an hour per day, up to seven weeks per
year, searching for or recreating knowledge. In other words, instead of
downloading the same file many times, searching through numerous
document folders, and checking email archives, they may gain 11 to 14
percent to save their effort in daily productivity.

Digital document management is one of the best solutions provided by
modern technology for minimizing operational costs by reducing the time
and effort needed to maintain and manage data, lowering inventory costs,
helping you in creating good use of the area, reducing the cost associated
with physical document security, and helping you in improving and
optimizing your business workflows.

It also can unlock information, help individuals in performing the job, and

greatly increase productivity. 13

According to these benefits that have been listed and explained
above, we can conclude that applying and emphasizing business
record-keeping management is crucial, especially for those who
owned a big-scale of business. This matter can help businesses to
avoid any problems in their business.

On top of that, record-keeping management also can support
business growth as it helps businesses to see and manage clearly
the vision and objective of their business. Therefore, this will help
and encourage businesses to build a plan and also make decision-
making.

The economic prosperity of the majority of industrialized nations
depends on small and medium-sized enterprises (SMEs). Small-
scale business operator units should make sure that they are kept
and arranged because complete and correct business records are
crucial for making decisions.

Before interpreting their planning for the company's goals,
mission, and vision, business owners must first take all of these
factors into account.

14