Record each day
Record the date, sale, amount received and payment method. Separate money received from amounts customers still owe.
HomeBusiness records
Small steps for everyday life.
Include every cost
Include purchasing, transport, storage and spoilage. Allow for periods when customer demand may be lower.
Separate household and business money
Record money taken for household use and any money you put into the business. Available cash is not all profit: some is needed to replenish stock.
Review at the end of the week
Compare your records with available cash, keep receipts and list upcoming payments. Explain any difference before starting the next week.
A five-column notebook
Date · Description · Money in · Money out · Note. Use the note for details such as “customer still owes” or “household withdrawal”.
Three questions for your SACCO.
- Which business records are required?
- What is the full borrowing cost, including all charges?
- How would repayments fit the timing of my income?
This guide helps you prepare. The SACCO confirms its current services, charges and requirements.