cashflow

Bookkeeping for Small Business – Keeping up to Date

Posted on Posted in Interesting Reading

cashflowKEEP UP TO DATE

Is your small business growing really quickly? Do you have more work and more customers than you know what to do with? That is fantastic news but…

Unfortunately, running a successful business can sometimes be a double-edged sword. It is easy to overlook those bookkeeping basics whilst you are engrossed the excitement of getting sales and delivering your goods or services on time, but as we all know not keeping your books up to date can have dire consequences in the long term.

Not only do you run the risk of forgetting to invoice a customer or neglecting to spend time chasing up payments, but you may also end up paying unnecessary bank fees for overdrawn accounts or fines from the ATO.

No matter how busy you are, it is absolutely necessary to take time out regularly to think about how you could manage your finances more efficiently and effectively.

Decide which tasks you can outsource and which you’d prefer to complete yourself. Make a point of blocking out some time in your diary on a regular basis – daily or weekly – to work on the jobs you’ve chosen to keep in-house.  But think about those tasks that you can outsource that would make your life so much easier and simpler.

You won’t believe the difference a few minutes each day can make when it comes to maintaining accurate bookkeeping records, and how much more relaxed you’ll feel knowing you have the financial information you need at your fingertips and of course partnering with a good bookkeeper can ensure that everything is up to date and lodged on time.

Talk to us about outsourcing some of the repetitive but necessary compliance tasks that are currently preventing you from spending more time doing what you love.

Click here to contact us now to talk about your needs.