Is Being "Too Busy" Hurting Your Business
Life is full of excuses. Some people will try to use any excuse in the book to not do something. These "somethings" add up. This is especially true when it is a task they don't like doing. Bookkeeping ranks high on this list. It will get put off, and put off and for a change of pace ignored until it can't be ignored anymore. The question is can this hurt your business? The resounding answer is YES! Let me scream it from the rooftops one more time....Not Keeping Up On Your Bookkeeping Grande Prairie CAN ABSOLUTELY Hurt Your Business.
Some may be asking how putting off a menial task could hurt their business. Ask yourself the following questions.
Do you know how much money is currently in your bank account? Do you know how much money is available on your credit cards? Do you know how much income to expect this month?
Do you know how much you have to pay in expenses?
Here is a great example. Katie owns a baby clothing boutique, she goes to purchase stock for her store only to have her payment declined. Looking at her books she should have enough money. Katie is confused. Katie has not updated her books in months. Katie didn't realize that she is spending more than she is making. Due to improperly kept books and improper pricing on her products. Now, this is an extreme example, but don't be like Katie.
If Katie had been keeping up on her own books, she would know roughly what is in her accounts at any given time. If Katie had been paying attention, she would have noticed she was losing money. Katie should have realized that her expenses were exceeding her income. Katie kept putting off her bookkeeping which got her into her current predicament. If Katie had a bookkeeper, or perhaps bookkeeping Grande Prairie services, or had she been paying attention she would have seen she was in trouble. Having a good bookkeeper Katie would also be able to see how her business is doing. She could see if she needs to readjust her pricing on items. Through cash flow management and projections, Katie could have seen this problem coming. She could also potentially see how her business should do in the future.
Bookkeeping services Grande Prairie is a critical and necessary part of any business. It allows you to correctly report your income. It tracks your monthly expenses. It keeps track of the taxes you must pay or that should be paid back to you. Bookkeeping Grande Prairie can show you how your business is doing. It can potentially show you your business's ability in the future. Above all it tells you how much is in your accounts at any given time. Bookkeeping can ONLY show you this when it is done on a regular basis.
What can good bookkeeping services Grande Prairie do for your business? The answer is it can do so much that it is impressive to some people. When bookkeeping is done on a regular basis it can allow you insight into your business. With tax planning, you can ensure you don't owe mountains of money at the end of the year. Through cash flow management you can see how much is in your accounts now and in the near future. Through projections and forecasting, you can see the estimated business performance. You can estimate slow seasons, and seasons when your business is booming. You can plan for future expansion and growth. You can plan ahead for slow seasons. You can ensure your business is "bullet-proof" to tax authorities. With proper bookkeeping Grande Prairie, you can plan for the future.
Upkeep and proper maintenance of the Bookkeeping are vital in nearly all aspects of the business. So the moral of the story is DON'T be "Too Busy" to make sure your business is healthy and prospering. Don't be "Too Busy" to ensure your business is compliant and audit-proof. Above all else Don't be "Too Busy" to know how much you actually have in your accounts at any given time.
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