Differences in Bankruptcy & Bankruptcy in the Business World that Must Be Known Based on several explanations about the differences in bankruptcy and bankruptcy, both of them are things that business people really avoid. Although the differences in bankruptcy and bankruptcy are very striking, there are actually similarities in avoiding them, namely through the following methods:
Manage finances well.
Don’t be too tempted to see other people’s efforts.
Separating between personal money and business income.
Creating various effective and efficient strategies.
Follow training programs that discuss further knowledge.
The cause of bankruptcy is usually the result of inappropriate decisions in the past or because the company management fails to take the right actions when needed. Companies that have been declared bankrupt by the court can get out of their bankruptcy status if the company conducts a restructuring, until the return becomes profitable. Or the company is taken over by a third party, it can be its creditors, competitors and others.
In addition, the company conducts liquidation or stop operations. Liquidation itself is the closure or termination of the company’s activities for which all of its assets can be sold and then used to pay for its obligations. Bankruptcy can also be prevented in the following ways:
Analyze cash flow for now and for the future.
Re-analyze the company’s strategy.
Make a cost structure relative to competitors or competitors.
Maintaining the quality of company management.
Maximizing the company’s management capability in controlling costs.
Examples of Bankruptcy & Bankruptcy Events in Indonesia
Bankruptcy events that have occurred in Indonesia, including the Nyonya Meneer company, TPI, Multicon Container, Akira, PT Asuransi Jiwa Nusantara, and Bali Kuta Residence. While several companies that went bankrupt in Indonesia, including Adam Air, Toshiba Indonesia, Panasonic, and Panasonic Indonesia. In the case of bankruptcy, the company can still operate as usual even though it has been declared bankrupt. But the company remains under the supervision of the court and gets protection from their creditors until conditions improve.
Whatever business is being undertaken, as a businessman, the shadow of the company that is being cultivated is the most feared thing. Even so, excessive fear about the possibility of failing to do business will actually increase the likelihood of the business going bankrupt or going bankrupt. Low economic growth can be one of the important indicators of weak business opportunities. Especially if at the same time many new companies are entering the market. The size of a particular company will be the cause of shrinking other companies.
Although the difference between bankruptcy and bankruptcy is clearly striking. But to prevent it the effort can be the same. One of them is managing finances well. No need to study management in depth, but companies must be careful and diligent in making financial reports every day. Record each expenditure and income in the company even though the amount is small. Use the help of online accounting accounting software for managing your business finances.
Journal is the best online accounting software that is easy and practical to use anytime and anywhere. The journal has proven to be safe and reliable because it has been ISO 27001 certified which will ensure the safety of data and information. By using a Journal, the bookkeeping process for your business will be more comfortable and enjoyable. Get complete information about the Journal here!