Of all the challenges you’ll face as a business leader, bad bookkeeping must be up there as one of the most avoidable. Yet, many are still falling foul of bookkeeping mistakes that, over time, can have potentially devastating consequences.
And in the short term too, bad bookkeeping can make owning and running your business a great deal harder than it ought to be.
Consider the impact of bad bookkeeping: As the owner of the business, you are responsible for taking important decisions each and every day. These decisions should be based on accurate and up-to-date financial information. However, if these figures are incorrect, you are leaving your business open to crippling cashflow problems and serious tax penalties.
Why good bookkeeping is so important
Of course, running a business should be hard. If it was easy, everyone would be doing it. But you don’t have to make it harder by allowing bad bookkeeping to go on for longer than necessary.
Good bookkeeping is important because it gives you a solid base from which to operate. You can have confidence in the numbers you’re looking at, and feel empowered that your business decisions are based on real financial data, as opposed to a gut feel.
A skilled and knowledgeable bookkeeper will also ensure that your records are kept current and that you’re not left rummaging for receipts when a tax deadline appears on the horizon.
How to fix bad bookkeeping
If bad bookkeeping is an internal issue, then we have one word for you: Outsourcing.
In this blog post, we make a strong case for outsourced bookkeeping. The benefits are clear; it’s more cost-effective, with less risk attached. And outsourcing gives you access to high quality, highly trained individuals who are always learning and improving.
You should also consider introducing a cloud accounting system such as Xero into your business to further enhance your financial recordkeeping.
Minimise mistakes, reduce hassle
As part of our Super 6 services, we can elevate your bookkeeping to new heights of professionalism. By introducing cloud accounting to your business, you’ll not only reduce the hassle attached to your role, you’ll also have the opportunity to take informed decisions based on accurate information.
At the end of the day, owning, running, and growing a business is challenging enough. Don’t let bad bookkeeping bring you down.
Contact us today and speak with one of our friendly advisors to find out more.