Proper Accounting and Inventory is essential in each business, whether it’s a multi-national corporations or just a simple personal direct selling business. I worked before in the biggest construction company in our region for almost 6 years and I have witnessed its bankruptcy . Their biggest mistake was their was no proper accounting of assets and liabilities. Because it was a family business, they were very lenient with regards to expenses . They have no Asset Labels on their construction equipments, tools and fixtures. Worst! Their was no inventory at year end.
It was too late that they realized that they were already buried with loans and that their assets could no longer compensate with their liabilities
It was too late that they realized that they were already buried with loans and that their assets could no longer compensate with their liabilities
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