If you don't have financial control of your business it will fail.

The first step to gaining financial control means you must 'track' what is going on when it comes to your business' money.

Very simple businesses can get away with a single entry system but for the vast majority monitoring where your business' money is going will require a 'double entry' bookkeeping system which tracks debits and credits.

And whether your business' turnover is £100 or £100 million or whether you do your bookkeeping yourself, or outsource this task to your bookkeeper or accountant, the underlying principles are exactly the same.

So in this video we run through a spreadsheet demo of a sales and purchase ledger which would let you keep a record and track the money going in and out of your business.

And by the way - this is exactly what is going on in the background of any accounting software like Xero, SAGE or Quickbooks!

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Finally here is the link mentioned in the video:

👉 FREE cashbook and ledgers template: https://lightworkbusiness.com/basics-...

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➡️ The information contained in our videos is provided as general information only. It is not a substitute for professional advice.

➡️ Also check us out at https://lightworkbusiness.com where provide answers to the common business questions small businesses face to enable them to get the legal, financial and administrative basics of running a company - the Basics of Business - right from day 1!

Disclaimer: The information contained in our videos is provided as general information only. It is not a substitute for, and should not be considered, professional advice. This video may also contain affiliate links. Lightwork Business is a trading name of Basics of Business Limited (no. 14755046), a private limited company registered in England and Wales.