More than 99% of businesses today are, small businesses, and an astounding 60% of them admit they don’t know enough about finances and accounting!
Yep. It’s true! So here I am to help break it all down for you!
What is Bookkeeping?
Put simply, Bookkeeping is the process of managing the financial side of your business. This can consist of:
Sending invoices and following up to make sure you get paid.
Entering bills and organising payment.
Tracking expenses & entering receipts.
Matching transactions to your bank statement.
Monthly reporting to track the financial health of your business.
Paying your employees.
Plus so much more (especially if you are registered for GST).
So why should you do your bookkeeping and what does it actually do for YOU?
To start off, I’d like to ask you a question. Do you know with absolute certainty, at this exact moment, the financial position of your business?
That is one EPIC result of good, regular bookkeeping.
But seriously, there are so many more reasons why you should keep your bookkeeping up to date.
What about if you’re trying to decide if you can afford to invest in your business? Do you know if you’ve got the money to spend? You can read my Cash flow Blog to see how to keep your business cash flow in the positive.
Say, you wanted to see where your money is actually going… or you want to see if/where you can cut your expenses. For example… Are you paying monthly fees for a business bank account? You can check out my 4 Favourite Free Business Bank Accounts so you can move to a FREE one!
What about knowing how much profit your business is generating?
And another doozy…. How much can your business pay you on a regular basis??
Now there’s plenty of professionals out there who can help you! You can decide if you need a Bookkeeper, BAS Agent or Accountant.
But if you’d like to take action right now you need to sign up for my ‘Be Your Own Bookkeeper’ online masterclass!
Or you can contact me to see how we can work together.