Keep Good Records

“Riches can disappear fast… so watch your business interests closely. Know the state of your flocks and herds.” Pr. 27:23-24 [LB, emphasis added].

The second habit for financial freedom is Plan Your Spending. That is the Principle of Budgeting. So budget! Plan your spending. You must have set financial goals and stick to them. “Riches can disappear fast… so watch your business interests closely. Know the state of your flocks and herds.” Pr. 27:23-24 [LB, emphasis added]. In our times, flock and herds would be stocks, real estate, bonds, investments, and your accounts. How many accounts do you have and what is their current balance, can you tell? You are supposed to know. Watch your business closely and check the numbers always. The key is keep good record!

You cannot watch closely what do you not even have a clue about. Thank God for the bank notifications and all but that is not enough. If I check your cheque stubs and I cannot tell what each cheque leaf was used for then there is a problem. That is why cheque books come with stubs. Thank God for Internet banking and the insight it gives into our accounts. Know the state of your finances and keep good records so that no one will cheat you.

When we were starting off as a church, one of the very first things we did was engage a financial consulting firm to set up our financial processes. At that time it did not make sense cost wise. But the Bible says, “Get the facts at any price!” Pr. 23:23 [LB]. Why? You cannot get a report or tell a story if there are no records. At any point in time, if we need the story, the records are there and intact. If you do not start capturing the records, you cannot even talk about what story your numbers are telling you.

Move your focus from the cost of getting an accountant and fix it on the amount you could lose because your finances are in chaos. You will discover it is far more then paying a finance person. If you run any kind of business, even if you are a solopreneur [a freelancer] and your briefcase is your office,  get a finance person on contract to come in and do your books. It will save you a ton of money and heartache to get clarity on your finances in the area of record keeping.

Thoughts: List your next steps to order your finances and set timelines to each one.

Prayer: Father, as I act in obedience to Your statues, I pray that You will bless my finances, in Jesus Name.