Your Business Bookkeeper Can Take Your Financial Blindfold Off

| 2 min read

Your Business Bookkeeper Can Take Your Financial Blindfold Off

If your business bookkeeping system is not up to date then you are running your business blind.  However, your business bookkeeper can take your blindfold off and open your eyes to the financial state of your business.  How can you make decisions without accurate financial information?  How can you even begin to plan how to grow your business without current income and expense figures?  In my eyes you can't.  Here is what is going on beyond that financial blindfold:

Income and expenses

It is amazing to me that many business owners have no idea where their business is currently at.  Many business owners approach us at some point during the year (typically later in the year) for bookkeeping help and they haven't done any bookkeeping yet.  How can you make any financial business decisions without knowing your current financial state?

Cash flow and accounts receivable

Cash flow is so important to a new business.  Heck, cash flow is important to any business no matter how mature the company is.  A very common problem is that a business is selling their product or service like crazy but they don't have any money in the bank.  When we dig in and reveal the cause of the problem it always lies in accounts receivable.  Staying on top of invoicing and your accounts receivable will boost your cash flow and keep you in business.

Financial forecasting

If you have updated income and expense figures and you are staying on top of your accounts receivable you can begin to put some financial forecasting in place.  Forecasting is impossible without accurate books and you can only have accurate books through monthly account reconciliations.  Forecasting is an important step for a business to take, yet many businesses fail to even produce up to date bookkeeping which makes forecasting impossible. 

A growth plan

You have accurate up to date books, a handle on your cash flow and you have put together some sort of financial forecast.  Now it is time for the fun stuff; growing your business.  Very few businesses do not want to grow.  Most want to grow but are not 100% certain how to grow.  While there is much more to growth than just the financial aspect, a good look at your current financial situation can help you with your business growth plan.

As you can see there is a lot of valuable information behind your financial blindfold and they are all related to one another.  Make sure your business bookkeeping is up to date, get a handle on your cash flow, make a financial forecast and grow your business.

Do you have any sort of bookkeeping system in place?

Is your bookkeeping up to date and accurate?



An Affordable Bookkeeping Alternative to a CFO

Outsourcing your bookkeeping is more affordable than you would think. We save you money the moment you hire us by cutting out the expensive cost of hiring an in-house CFO.

Working with a remote bookkeeping service will still provide you with all the value you could get from an in-office bookkeeper but at a fraction of the cost.

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Learn How We Can Impact Your Business Growth

You’ve got your company’s best interest in mind. Guess what? So do we! You can rest assured that we will work closely with you to create actionable business plans and accurate financial reporting. We offer our toolkit of financial intelligence that will be your greatest asset for business growth.

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