A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit. Businesses can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause. Businesses range in scale from a Sole Proprietorship to an International Corporation.
A business organization is an entity aimed at carrying on commercial enterprise by providing goods or services, to meet needs of the customers. All business organizations: have the common features such as formal structure, aim to achieve objectives, use of resources, requirement of direction, and legal regulations controlling them.
There are different roles in business organizations such as;
- Business Journals and Log
A business journal is a detailed account that records all the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records, such as the general ledger. A journal states the date of a transaction, which accounts were affected, and the amounts, usually in a double-entry bookkeeping method. For accounting purposes, a journal is a physical record or digital document kept as a book, spreadsheet or data within accounting software. When a business transaction is made, a bookkeeper enters the financial transaction as a journal entry. If the expense or income affects one or more business accounts, the journal entry will detail that as well. Journaling is an essential part of objective record-keeping and allows for concise review and records-transfer later in the accounting process.
- Investor’s Business Daily Log
Investor’s business daily log is a platform that help business owners survey the stock market, international business, finance and economics. It provides news and analysis on stocks, mutual funds, ETFs, commodities, and other financial instruments aimed at individual investors and financial professionals. It covers the internet and technology stocks in particular, and has a substantial editorial and opinion section.They also publish a list of 50 stocks that are most attractive based on earnings, stock price performance.
- Business Card Organizer
- Motivation Log etc.
IMPORTANCE OF BUSINESS ORGANIZATION
Good organizational skills can save a business owner time and reduce stress. If a business’ systems are not properly organized, tasks pile up, paperwork gets lost and valuable time is spent on finding information that should be readily available.
- Disorganized business owners may find themselves searching through piles of paperwork for that one invoice, bank statement or human resources file. This problem can extend to the virtual office as well. Using neatly organized folders to keep track of important bills or emails, for example, can save time. Good organizational skills can free up much-needed minutes every day for you to spend on more important tasks.
- Finding the appropriate documents can be stressful and time-consuming for a disorganized business owner. Missing documents can even turn into a legal hassle if the company undergoes an audit. Filing receipts, invoices and statements properly, and using basic accounting software to track sales, expenses will help the entrepreneur (and his accountant).
- Organization is the root of a good financial management program. Systems that monitor receivables can help business owners keep track of their money and plan cash flow. With no system for organizing sales and invoices, balances can go unpaid without notice. If vendors aren’t paid and the supply chain shuts down due to a delinquent balance, business suffers.
- Working in an unorganized environment can make a business owner and employees feel constantly on edge, not knowing where to look for information, sorting through unorganized paperwork and dealing with the consequences of poor organization create a stressful workplace. That stress may extend into the rest of a business owner’s life and lead to job burnout.
- Problems with organization can lead to a drop in customer service. For example, if an online store’s order processing system is not properly organized, customers may not receive orders on time. Customer satisfaction is the key to earning repeat business, and if the company is not well organized in this area, revenue will also suffer. Poor billing systems can potentially result in customers being charged multiple times for one item or not at all, which is also bad for business.
Implementing good organization systems can help reduce this stress and give a business owner more time to enjoy life outside work.
Lukas Alpert (4 March 2016). “Investor’s Business Daily Will Become a Weekly”. The Wall Street Journal. Retrieved 12 April 2016.