Here’s three reasons why you need to be doing your bookkeeping monthly.
1. All Bright Ideas Are Not Profitable:
You’ve got to learn to kill unprofitable offers, services, and products quickly before they have you out of business. And the only way to know is by balancing your books.
2. Reduce Your Tax Bill:
You may be like many entrepreneurs miss out on tax deductions. If you’re not tracking the right expenses and saving receipts, you could be missing out on thousands of dollars.
3. Pounce On Money Leaks:
You could be leaving money on the table. If you’re lacking in the follow up department you might have unpaid invoices, maybe invoicing late, and not assessing late fees where you should. Running a simple accounts receivable report would help you stay on top of your money follow up.
There you have it three reasons why you need to be doing your bookkeeping monthly. I’ve showed you that it can save you money and time too. Not to mention other things you’d possibly discover just by doing your bookkeeping monthly.