Time to get your money right.
Bookkeeping is just as important as getting clients and customers, if not more. Think about it. What’s worst? Not having enough clients or not having anything to show for your hard work. Never having any money left. Having to work until the day you can’t work anymore. Living paycheck to paycheck and client to client. That’s not cute!
It even goes far beyond this. Here’s 9 reasons why bookkeeping is important to your business, but you just don’t know it:
- Make sure you’re not missing deductions – sloppy bookkeeping can cause you to miss tax deductions and pay more in taxes
- Save time at tax time – plus it’ll save you money with your CPA
- Tell financial fitness of your business – when you can really afford to hire help. It’ll also tell you if you’re financially ready to outsource to like a bookkeeping or VA
- Cash flow – helps with tracking spending – it provides cash flow information and helps with protections too
- Profitability and growth – information via financial statements, areas might need to cut cost, if business making a profit, forecasting, what your business can afford to pay you
- Applying for personal loans – financial statements will be required if your business is your only source of income
- Contracting projects – when you play with the big boys they want to see your financial stability
- Partnerships – they’ll want to know the financial stability of your business if you can handle the cash flow, and pay your bills
- Profit strategies – what your business should pay you, bank for profit, and stash for taxes
There’s more to your business finances than just tracking income and expenses when you’re the CEO and CFO of your business.
Don’t discount your bookkeeping and money management. It should be at the top of your list if you want to keep more of the money you make, grow wealth and change your family legacy.