As the saying goes, "failing to plan is planning to fail". This is never more true than in the world of small businesses. Looking back on the year, there may be many obvious mistakes that have prevented your company from seeing its full potential. In the coming year, there are several crucial steps that will ensure manageable and profitable growth for your small business.
Topics: Small Business Bookkeeping, Bookkeeping System, Outsourced Bookkeeping
I was recently approached by a business about setting up an automated bookkeeping system before they had even started the business.
Read MoreTopics: Bookkeeping System, Growth Coach
Making the decision to outsource the bookkeeping for a small business is not an easy one for most owners. Your bookkeeper handles a lot of sensitive financial information, so using an outsourced provider for this business function can make anyone uneasy.
Read MoreTopics: Small Business Bookkeeping, Outsourced CFO Services, Bookkeeping System, Outsourced Bookkeeping
Every restaurant's bookkeeping is unique. The business has to bring in information from many different sources, track daily sales, complete credit card transactions, and monitor inventory. There are so many different methods for recording each that it takes a customized system to make sure the information is being recorded correctly. In order to maintain function and control within a restaurant, five components are necessary: (1) a POS system, (2) a bookkeeping team, (3) financial reporting, (4) anti-theft mechanisms, and (5) a solid method for handling accounts payable.
Read MoreTopics: Restaurant Bookkeeping, Bookkeeping System
Within ten years of starting, 71% of all small businesses will fail, so it's easy to understand why small businesses cannot make expensive mistakes. Generally speaking, a lot of owners will have to shut the doors due to a lack of cash. A quarter of them will shut the door before the end of year one and 44% leave the market before the end of year three.
Bookkeeping can help save small business owners from this problem.
Read MoreTopics: Small Business, Bookkeeping System
I had a really interesting conversation with one of my advisors from the Goldman Sachs 10,000 Small Businesses Program yesterday. He was astounded by how many small businesses don't understand their bookkeeping and dismayed by those who see no value in it. We commiserated over the many successful small businesses who don't have an adequate bookkeeping system in place to understand their current situation. They don't even know the status of their accounts receivable (AR), accounts payable (AP), or cash flow.
Read MoreTopics: Cash Flow Management, Small Business Bookkeeping, Grow Your Business, Bookkeeping System, Growth Coach
Many business owners don’t see the value in their bookkeeping, so they tend to ignore it. However, once you have been shown the value of the financial aspects of a business, you will then quickly want to master your small business bookkeeping. The following three steps will turn your bookkeeping system from a hindrance into a valuable tool that you can use to grow your business.
Read MoreTopics: Financial Forecasting, Financial Reporting, Business Budgeting, Small Business Bookkeeping, Bookkeeping System
If your small business bookkeeping is not providing you with valuable information, you are missing out on a key business tool. Bookkeeping should not be a drag or a chore; it should be a business tool that promotes growth. Here are 9 things you can do for your small business bookkeeping that promote growth.
Read MoreTopics: Financial Forecasting, Financial Reporting, Reconciling QuickBooks, Grow Your Business, Scaling A Business, Bookkeeping System
I was thinking about how dialed in my bookkeeping system is; both for our business and our personal books because I keep both. Bookkeeping comes very easy to me obviously and is also near the top of my priority list. Most people that blog are going to write about their particular service because it's what they know and believe to be most important. Salesmen are going to tell you that sales are the most important thing. Marketing services will tell you it's all about marketing to your prospects. Executive coaches will tell you it's all about planning and execution. So who is right? Well everyone is correct because each facet of business is incredibly important. In order to succeed you need to be good at all of them and you need to find the right balance between them. Here are 7 effective bookkeeping habits that you can implement right now.
Read MoreTopics: Financial Forecasting, Financial Reporting, Reconciling QuickBooks, Small Business Growth, QuickBooks Bookkeeping, Bookkeeping System
Many small business owners consider their bookkeeping useless. Those types of owners look at their bookkeeping only as a means to file taxes, therefore time and money spent on bookkeeping is a waste. I understand that mentality because I have helped clients break free of it. Bookkeeping is useless if it does nothing, but your small business bookkeeping should add value. Your bookkeeping system should be one of the best business tools in your arsenal. If you think your small business bookkeeping is useless you may be experiencing one of the following issues.
Topics: Financial Reporting, Small Business Bookkeeping, Bookkeeping System
