publication (2)

MJULY 2017 AKESHIFT

Impact of Social Media on tcoh5kineeptuipypo!sur

SMALL
BUSINESS

The importance of

RECORD

KEEPING

Young Entrepreneur & Actress

NEELOFA

FROM ACTRESS TO BUSSINESS WOMEN

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table of
contents

05 THE IMPORTANCE OF 
RECORD KEEPING

10 RISK OF MANAGEMENT OF
ORGANIZATIONAL RECORD

10 INSIDE STORY OF
NEELOFA

10 IMPACT OF SOCIAL MEDIA
ON SMALL BUSINESS

20 5 TIPS TO KEEP YOUR 
CHIN UP!

THE INTEGRATION OF

30 STANDARDIZED
MANAGEMENT SYSTEM

MANAGING BUSINESS RISK!

OPPORTUNITIES FOR

40 RECORD MANAGER
WORKING IN PRIVATE

SECTOR



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by making a donation to the Lizard Island
Reef Research Foundation. Donors
who contribute $1,000 or more each
year are recognised as Members of
the Foundation.



THE BY NURUL HIDAYAH A.RAUF
IMPORTANCE
OF RECORD  Business Record Management is the field
of management responsibility for the
KEEPING efficient and systematic control of the
creation, maintenance, use and disposition
of business record throughout its entire life
cycle in order to meet operational business
need. This process is vital to achieve the
efficiency and economy as well as to
preserve the business records.

WHY KEEP "IF YOU DON'T
RECORDS? DRIVE YOUR

BY NURUL HIDAYAH A.RAUF BUSINESS, YOU
WILL BE DRIVEN
Keeping accurate and up-to-date records is
vital to the success of any business. The OUT OF
business must realize that records kept will be BUSINESS"
one of the most important management tools
it possesses and, therefore, it should be By keeping the score you are able to work out
allocated due importance. Many business who is winning and whether you are winning
owners invest a lot of time and effort into the at all. Many people do not know the "current
running of their business and yet fail to realize score" of their own business because they
the importance of maintaining good have failed to realize the importance of
documentation. The business owner is looking keeping good and adequate records. 
for the maximum return from their
investment and the maintaining of good Any record keeping system should be
records is part of that equation. accurate, reliable, easy to follow, consistent
as to the basis used and be very simple. Good
For the business to achieve its success and record keeping is vital in regards to meeting
profit, it is necessary for the scores to be kept, the financial commitments of the business
as it were. Keeping records is really like score and providing information on which
keeping - if you went to a football game where decisions for the future of the business can
no one kept the score, you would have to ask be based. While the business maintains
“what was the point of that whole exercise?”.  records to monitor and record its normal
business activities, it is also necessary
because of obligations under the taxation
laws.

Make sure you keep all documents that
contain details of payments, receipts, credit
purchases and sales, assets and liabilities. If
you’re not able to obtain a receipt for an
expense make a note then record the details.

"HISTORICAL GAP IS
CREATED DUE TO MISSING
WRITTEN RECORDS."

GOOD RECORDS
WILL HELP YOU DO
THE FOLLOWING:

BY NURUL HIDAYAH A.RAUF

Monitor the Prepare your
progress of financial
your business
statements
You need good records to Keep track of
monitor the progress of your basis in You need good records to
your business. Records can prepare accurate financial
show whether your property statements. These include
business is improving, income (profit and loss)
which items are selling, or Your basis is the amount statements and balance
what changes you need to of your investment in sheets. These statements
make. Good records can property for tax can help you in dealing
increase the likelihood of purposes. You will use with your bank or creditors
business success. the basis to figure the and help you manage your
gain or loss on the sale, business.
Identify exchange, or other
sources of your disposition of property, Prepare your
as well as deductions for tax return
income depreciation,
amortization, depletion, You need good records to
You will receive money and casualty losses. prepare your tax returns.
or property from many These records must
sources. Your records support the income,
can identify the sources expenses, and credits you
of your income. You need report. Generally, these are
this information to the same records you use
separate business from to monitor your business
non-business receipts and prepare your financial
and taxable from statement.
nontaxable income.