Whether or not you have a hired personal to keep up with your books in your small business, it is one of the most important pieces you need for success. It can be such a daunting thought and task but without it, you can run into some huge problems. Having a filing system that works for you, ontop of having your books completed on a regular basis is going to create a less stressful experience where you can focus more of your attention on other aspects of your business. Setting aside time to have this completed will ensure you are on the right track.
Benefits/reasons to keep up with your books:
- Creates less work at the end when you set time aside each month
- Less likely to lose/misplace receipts and bills when you input then file in a timely manner
- Reduces mistakes
- Allows you to visually see money going in and money coming out. Having this visual is going to tell you if you are continuing on the right path. Without being able to look at where your monies are going can cause huge negative impacts on your business
There are many negative consequences that come with not keeping up with your books:
- More work in the end
- Loss of paperwork/incorrect bookkeeping. This can cause a domino effect. It can lead to improper imputing of numbers. That in turn will make your books not balance properly and tax time can cause red flags. You will have the wrong numbers coming in and out creating a mess that could have been easily avoidable.
- Improper bookkeeping or lack of bookkeeping can ultimately cause your business to fail. Without proper knowledge of your finances you are unable to make informed decisions on your business.
Please don’t hesitate to contact us at BitLedger for assistance.
bitledger.ca 