Three Ways That Bookkeeping Can Help Your Business Grow
If you are a small business owner, we know you’ve probably wondered if you can afford to hire a bookkeeping service. In addition to the immediate tasks you know a bookkeeper would take care of - keeping track of sales and purchases, payments and receipts – our team at Simply Bookkeeping wants to tell you about all the other ways that quality bookkeeping can help our business grow.
1. Financial Forecasting:
Keeping up to date accounting journal ledgers is critical for a successful business but what else can that data help you with? A bookkeeping service can help you translate those daily, weekly and monthly numbers into forecasting information that will help you grow your business.
A financial forecast is a living document that will change each month. A good bookkeeper will look at what has actually occurred in your business and predict how that will affect the future financial health. What risks, projects or growth would you take on if you could eliminate the guesswork of whether or not your business is financially sustainable?
Imagine getting a glimpse into the future of your finances that will allow you to adjust your plans and take advantage of opportunities for growth! If you want your business to grow, it is critical to look forward into the financial future of your business and a good bookkeeping service can do that.
2. Subject Matter Experts:
Most business owners that do their own books don’t do it because they love that part of the business. They do it because they don’t think they can afford to hire anyone else to do it for them. While they may have the basics under control, there is no way for a business owner to become a subject matter expert in a field that is not their passion or that is not part of their industry.
Tax credits, financial strategies, financial process improvements, tips for getting paid faster by clients – these are all things a bookkeeper can advise you on. Hire someone that can maximize your money and your cash flow allowing you to continue to contribute to the growth of your business.
3. Help You Make More Money:
Once you hire a bookkeeping service, they will become very familiar with your transactions and have the ability to assess your financial business model. They will know what expenses you incur on a regular basis as well as what your regular monthly income is. And then they can help you increase your profits!
Did you know that a good bookkeeper can assess your business to make sure that you’re charging enough markup on your products or services to cover all your expenses? Remember, it is not just the cost to produce the product or service but the overhead you need to run your business too. They can also run through all your expenses and point out where you are overspending which will bulk up your bottom line.
Put an expert in financial health on your team! Use a bookkeeper to help you make sure that you have a strong and profitable financial model. Contact us today to discuss how we can help you grow your business.