Like many business owners you may find it difficult to justify time spent on bookkeeping when you feel your energies could be put to better use in other areas of building your business or following your passion, but bookkeeping is simply an indispensable tool for helping you maintain a healthy business.
Benefits of Regular Bookkeeping
- Keeping your books up to date and in good order actually will save you time and money in the long run and assist you with making better business decisions. Accurate bookkeeping not only keeps you up to speed with your spending habits but can also track time spent on jobs and lets you know how much you are making per job. When your paperwork is in order and easily accessible looking up suppliers bills and following up on client payments is a snap. By updating your bookkeeping regularly and keeping your source documents in order you can easily see what areas of your business are more profitable than others and make business decisions accordingly. Reports can be quickly compiled and provided to financial institutions, accountants, advisers and of course the taxman.
Bookkeeping in a nut shell
- As they say it is not rocket science. Basic bookkeeping is simply the process of working out how much comes in and how much goes out. As a business owner your aim is to have more coming in than out and the only way to achieve this is to learn to view bookkeeping as something to be embraced not an annoying chore.
- Today with all the wonders of technology there a number of easy to use computer bookkeeping programs such as Quick Books (Reckon Accounts). You can have them locally on your computer or they can be cloud based which enables you to access your books from anywhere in the world via the internet.
The most important key to good bookkeeping is to set aside a regular time each week to bring all your records up to date and to ensure you or your staff get the proper training in both basic bookkeeping techniques and appropriate software.
If, like many business owners you feel your time is better spent elsewhere or you simply can’t stand bookwork then you need a consultant bookkeeper who can assist you with all or part of your bookkeeping needs.
At Beat the Bookkeeping Blues we can help you with all areas of setup and training and hands on bookkeeping from basics to business activity lodgement.
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