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The Business Plan Workbook, 7th Edition by Robert Brown, Paul Barrow, Colin Barrow

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Assignment 23

Financial controls

To survive and prosper in business, you need to know how much cash you have and what your profit or loss on sales is. For a business to survive, let alone grow, these facts are needed on a monthly, weekly or occasionally even a daily basis depending on the nature of the business.

While bad luck plays a part in some business failures, a lack of reliable financial information plays a part in most. However, all the information needed to manage well is close at hand. The bills to be paid, invoices raised, petty-cash slips and bank statements between them are enough to give a true picture of performance. All that needs to be done is for the information on them to be recorded and organized so that the financial picture ...

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