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Being Accountable

There’s always the small business owner, with great talent and great vision for their company but zero interest in their bookkeeping and accounting. Unfortunately, I’ve seen companies having to close their doors, because their financials were neglected for so long that they were no longer recoverable.<p>
It’s fundamentals people.<p>
So how can a business owner stay connected to their accounting? In the simplest form, hire a bookkeeper. By doing so, the stress if off your shoulders and the income and expenses are no longer neglected. The bookkeeper needs to be trustworthy and efficient. You don’t want the bookkeeper that’s just learning your software and entering items in at turtle speed. So do your homework in looking for a good one. Depending on the company volume, establish a weekly or monthly routine and stick to it.<p>
For the progressive business owner that’s willing to tackle it himself, have as many possible things automated. Use the company card for all business transactions and accept credit cards and wire transfers for payments. Simply perform a weekly download from your bank into an accounting software, classify the transactions by client or project and the software will do the rest.<p>
Getting the info in is vital, but if you want to get ahead and position your company for the future, the next step is essential. Let the reporting process begin. Most accounting softwares will have reports ready for you to analyze, but you can also customize your reports to show your key points in spending, revenue and forecasting. See where your money is going and where it’s coming from. You will start to become much more aware when you’re making that next purchase or presenting trying to get that next big client.<p>
Now, for the rewards, by routinely analyzing your company’s performance you can begin to position for new purchases for your store, look to expand into new products, hire a helping hand, or give your employees a little company retreat. You can also now give yourself a pat on the back for being a truly sound business owner.<p>
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