I
Hate
Bookkeeping!
I’m best at working with clients, solving their problems, having ideas and I hate everything to do with money!
Except spending it!
Obviously
But if the bookkeeping isn’t kept up to date then we won’t know:
How much profit we’re making
Who owes us money
Who we owe money to, including the taxman
And – we’re bound to get nasty surprises!
So, like it or not – bookkeeping it is!
It’s a common enough issue – you set up and run your own business, you know you need good financial management but it’s not something anyone is any good at or wants to do.
So the bookkeeping falls behind, there are gaps and errors in it and, sure enough, there are nasty surprises.
Bookkeeping alternatives
There are three main ways to get good bookkeeping into your business:
- Employ a bookkeeper – in many SMEs this will be a part-time role
- Outsource the bookkeeping to an accountant or a freelance bookkeeper
- DIY – but with proper training
They have their pros and cons and but the important point is to ensure the bookkeeper thoroughly understands your business, has access to all of the data they need and keeps everything up to date.
And once we have the bookkeeping working well the next step is to understand and use the information we’re getting from it.
We can ask and answer questions such as:
- What margins are we making
- Which customers are profitable
- What does cashflow look like
- How much can we pay ourselves
- How do we grow the business
- How can we improve our profitability
Need a hand?
Bookkeeping doesn’t have to be a drama but it does have to be done.
It has to be done well and it has to be kept up to date. And we can help.
Give us a call on 020 7125 0270 or email us at info@bluedotconsulting.co.uk and lets talk about your business.
Michael – @bluedotmichael
Related links:
I’ve got a much better view of what the **** is going on in my company
