Bookkeeping. Many small business owners see it as an annoyance, something they (or one of their friends) can power through by themselves and then get back to the important stuff, like developing products or providing excellent customer service. That thinking, however, is incredibly shortsighted; proper bookkeeping is one of the best investments you can make in your business. Here are six reasons why.
Controlling expenses — Worried about cash flow? With proper bookkeeping, you can quickly see which expenses are ripe to be cut.
Making payments on time — Never run around looking for invoices and bills again! With proper bookkeeping, you can have all your expenses listed in one convenient place, preventing you from having to pay late fees or tax penalties.
Knowing profits and losses — Stop worrying about if you’re profitable; with proper bookkeeping, you can know for sure.
Analyzing your finances — Your financial analysis is only as good as the data used to make it. With proper bookkeeping, that data is rock-solid.
Budgeting your money — Want to see how much money your business really needs? With proper bookkeeping, it’s easy to see what’s necessary—and what isn’t.
Keeping more of your profits — Reduce your stress and simplify your year-end tax prep; with proper bookkeeping, you can have all the documents together for your tax advisor, freeing them up to find you even more ways to save.
Basically? Proper bookkeeping helps you see the big picture by taking care of the little details. You can manage your business instead of the busywork, and that’s an investment you’d be crazy not to take advantage of.
Of course, these advantages really only apply when your books are being done well. Is your bookkeeper timely and knowledgeable? Are you still not sure how a bookkeeper could benefit your business? Contact us; we’d be happy to show you.