Many business owners don’t know how they are going financially, many don’t want to understand their numbers and really see what’s happening behind the cashflow curtain.
Normally this is out of fear of the unknown and other times it’s because they don’t want to face the truth if their gut tells them things are not going great.
But understanding these numbers not only helps you sleep well at night, it can also give you a new view of your small business, opens doors and opportunities for growth, strategic planning and really all the good stuff you could be missing out on.
Honesty is always the best policy, and this goes for these numbers situations also.
I recently had a client that had ignored closing his business books for 2 years, in absolute fear of what would come out in the wash and how much tax he would have to pay wrapping everything up.
When the time came after some life changes and he wanted to start trading again, he partnered with the right accountant, with an online platform cleaned up and it was not the big doom and gloom he expected at all. He admitted to me that he had been sweating on it for 2 years and it was like a devil on his shoulder all this time for nothing.
I hear it time and time again, speaking with new clients about their bookkeeping options. There are real myths that to have an accounting software and an outsourced bookkeeper to manage this for you would be out of their budget reach for their little business.
It could not be further from the truth and you don’t have to go to the extreme of looking for a cheaper overseas option that could actually give you more headaches just to save a few beans.
Teaming up with the right platform and the right bookkeeper can give you so much valuable information in your business, even for sole traders and micro sized businesses.
Being able to press a few buttons and get so much financial information, doing this yourself or asking your bookkeeper to send it to you, trust me when I say, it’s just life and mind changing.
You can begin to understand your profit margins, you can know how much your business costs you each day, you can monitor your expenses vs your sales and you don’t have to be in this unknown world anymore.
If you have been putting it off and fear how expensive this is, then you need to find the right bookkeeper to work with and explore these options for a financial peace of mind.