1: Time

  • 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!