- Setting Up and the running of a business is no easy task.
- Many small business owners struggle to make ends meet.
- This often means juggling and multiple task at once.
- When your are spending your valuable time on administration task you are taking your time away from other task like
- Managing, Marketing and other revenue generating activities that will help you grow your business.
- This ends up costing you money in the long run.
2: Alleviates the Stress of Taxes
- Whether it is tracking and paying the Payroll Withholding Taxes
- Making sure that your Company is ready for Yearly taxes with your CPA
- Submitting any taxes late can cost you!
3: Track Cash Flow and Stay Current
- Staying current on Bookkeeping tasking like
- Paying Billing on time (Saving you Interest and late fees) and
- Invoice clients in a timely manner and also making you are paid by those clients/customer keeps the cash flow in a better state.
- If you get your cash flow wrong you can actually go out of business
- Do you pay Late Fee, Overdrafts and Interest?
- Are all your clients paying on time?
4: Improving your companies Success & Profitability – Know where your business stands
- Is what your doing profitable?
- A Clear picture of your businesses financial situation allows you to make sensible and timely decisions
- Many people do not know how to read their financials statements!?
- This is crucial to the prosperity of the business
- Understand your Financials and your profitability!
5: Mixing Money
- Nothing creates a financial mess at the end of the year
quite like intermixing business and personal.
- This can make it difficult to determine what money is yours and what belongs to the company.
- Do not mix Business and Personal. It takes more time to clean up
- Time = Money
6: There are “Bookkeepers” and then there are “Bookkeepers”
- There can be huge differences in skill level and knowledge of people that call themselves bookkeepers.
- Just like a lot of other trades out there!
- Make sure that you hire someone that has the training and experience to do the job.
- Bookkeeping is NOT all data entry.
- Hiring incorrectly can cost you money!
7: Cost Controls
- By keeping you accounting organized, correct and up to date you can then look at ways with your Bookkeeper on where you can cut and save money.
- Bookkeeper are involved in many types of business and see them at varies stages, from start up to long established ones.
- Because of this they can bring wealth’s of information and experience to the table and provide their thoughts and guidance.
8: Bookkeeping is NOT a task that should go by the wayside
- Keeping track of all the day to day transaction correctly allows you to account for the money coming in and going out of the business.
- There are different software to keep your books, depending on the type and size of the business.
- Choosing the correct one can save you time and time.
- Choose wisely!