As a business owner, you typically play many roles within your organization. From sales, to marketing, to accounting, the work is never done. When an owner wears multiple hats within a business, we find that the bookkeeping role is typically an area that usually falls prey to neglect.
This lack of attention can impact your business in three major areas:
- Cash Flow: Failure to invoice in a timely manner affects the money coming in, which in turn affects and delays payments to vendors and contractors. This hurts your reputation and these relationships.
- Loss of Information: If you don’t keep on top of your day-to-day entry of expenses, you run the risk of losing receipts, as well as forgetting which items might be billable back to your client.
- Lack of Savings: Staying current on your bookkeeping can ultimately save money when it comes time to hand over the books to your tax accountant. Your neglect will be their reward in hours put in to clean up the mess.
Staying current on your company financials will ultimately help you make well-informed decisions for growing your company.