20 Feb 2017

Record keeping is an essential measure in running and managing a successful business, says a young entrepreneur, Mr Ompatile Molefhe

Mr Molefhe of Negust Holdings in Maun told BOPA in an interview that creating and maintaining an effective record system leads to profitability in business.

 The 30-year-old entrepreneur, who operates an internet café and also specialises in repairing and fixing electronic gadgets such as laptops and mobile cellphones, said the need to keep track of all that happens in the enterprise was important.

“With record keeping, all the necessary information is kept for future use, but the main aim is to make profit, thus in my business it is a norm,” he said.

 He added that records were also important for making it easy for auditing bodies such as Botswana Unified Revenue Services (BURS) to carry out their job.

 “If there is no information on sales and stock, it is not easy for auditors to do their job,” he added.

Mr Molefe said it was easy for him to tell what his customers liked most and how he should serve them and improve his services ahead of competitors.

He also noted that as a tax payer, he kept all the receipts after paying tax so that he has proof in case BURS needed to find out if he had been paying tax.

“I keep both paper and electronic records for back-up reasons; I scan and file them for any eventuality,” said the entrepreneur.

 He further noted that records of contracts for services, stock purchased, financing and leasing, were very important and needed to be kept safe in case there was a misunderstanding that could lead to law suits.

Mr Molefe said it was important to keep track of the employees’ salaries and bonuses so as to know when and how he could improve them based on the economic status of the business.

“Records also help me to see if my business is growing or not, the risks that may arise in future and possible solutions to the problems,” he said.

He explained that records should be kept in a way that they are easy to use and that businesses should provide adequate storage and retrieval of records.

The young man said the reason why he used both paper and electroniclly based records was because of problems such as damage to the computer and power cuts in which case, one could easily depend on the paper based records to meet the daily needs of his enterprise.

“There is a computer software known as cloud computing that I am using to keep my records. This software allows me to keep records online to access at any time and any point using a computer or cellphone,” he pointed out.

He urged other entrepreneurs, more especially upcoming ones, to adopt this important measure as it could make their businesses succeed. BOPA