‘Poor accounting’ is one of the top reason’s businesses fail. Without bookkeeping or accounting, you are blindly driving your business.
To help your business prosper, you need to maintain accurate financial records. Bookkeeping is essential in helping you maintain accurate financial records, yet many businesses fail to implement this important process.
I’ve listed below some of the TOP 7 reasons to start focusing on bookkeeping today.
Bookkeeping helps you BUDGET – a properly prepared budget is a cash roadmap for your business. When your income and expenses are thoughtfully organised, you can easily plan for future expenses and expansion.
Bookkeeping keeps you ORGANISED – By definition, bookkeeping is the organisation of your financial information. Being disorganised with your books could compromise your relationships with banks, suppliers, customers, and the tax office. It may even lead to penalties and fines.
Bookkeeping gives you PEACE OF MIND – as a business owner, disorganised books can weigh heavy on your mind. You have enough to do running your business without being kept up at night worrying about your business’ finances. Bookkeeping ensures your books are complete and up to date, giving your peace of mind by knowing exactly what your financial position is.
Bookkeeping gives you BUSINESS INSIGHT – with readily available financial reports, you can analyse your business trends. The ability to track cash inflows and outflows allows you to focus on your business’s strengths and improve on its weaknesses.
Bookkeeping allows you to MAKE BETTER DECISIONS – with the ability to analyse your financial information comes the power to make the best decisions possible. How can you expect to make profitable decisions without financial information to back them up?
Bookkeeping allows you to TRACK PROFIT and GROWTH – bookkeeping is most important because it shows your business’ profitability. A profit and loss statement is prepared from your bookkeeping and shows you if your business is profitable or not. It is impossible to know how well (or not so well) you’re doing without this information.
Bookkeeping makes your end of year TAX PREPARATION EASY & PAINLESS (and will save you cash on your Accountant fees) - With organised books, there will be no more last-minute scrambling to find all your invoices and receipts – they will already be organised and ready to go.
So, in a nutshell, bookkeeping will save you time, money, a headache and sleep!
Bookkeeping can be complicated and convoluted, so if you’re ready to run your business at its most efficient with peace of mind, you should consider a certified bookkeeper. Bluechip Solutions Bookkeeping will help you do all this at a fraction of the cost your accountant will charge with a solution tailored for your individual situation. Contact us today for an obligation-free chat about how we can benefit your business and your profits.
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own legal advisor, business advisor, or tax advisor with respect to matters referenced in this post. Bluechip Solutions Bookkeeping assumes no liability for actions taken in reliance upon the information contained herein.