Some small business owners, with the absolute best of intentions, decide to handle their financial record-keeping themselves. Without proper financial training, this can be a costly mistake.
Accurate accounting, performed by an experienced, trained bookkeeper is essential to the well-being of your business, by making sure you have up to date knowledge of where you stand and are in the best position to make decisions on how to move forward.
Can you afford to buy that expensive asset you need to move your venture to the next level? And if that involves asking your bank for help, they will want to be sure the financial statements they are basing their decision on can be trusted. Properly prepared, up-to-date reports showing your profitability, cash-flow and balance sheet will give Mr. Bank Manager the peace of mind he needs to give you the nod!
The other side of this very valuable coin concerns the question of why you would want to do your own bookkeeping anyway, when it takes you away from your most important task – growing your business. You may have heard of the theory of “opportunity cost”; simply put, this means there is a cost of doing one thing instead of another. In this case, doing your own books is almost certainly more expensive than employing the services of a bookkeeper, because while you’re doing administrative tasks, you’re not out there earning money.
The alternative is doing the books in the evenings or at the weekend, but isn’t one of the huge reasons we decide to run our own business to be able to spend more time with our loved ones, enjoying life?
Make one of your easiest business decisions and click below to make an appointment for a free 15-minute consultation, so we can discuss your requirements.