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Bookkeeping. A dreaded word in some small businesses. It’s essential, though, for sustaining and growing your business. Without it, you can’t determine where profits and losses occur, and preparing taxes is a more arduous process.
Professional help is often the answer when your bookkeeping is in shambles…disorganized…confusing…nonexistent…unfinished.
Do You Need a Fresh Start?
Below are questions to ask yourself (or a staff member) to determine if a professional accountant or firm is needed in your case.
- Is a stack or folder of receipts your current process for bookkeeping?
- Are you using an invoicing, accounting and/or customer relationship management (CRM) software that doesn’t connect with your other business tools?
- Is bookkeeping done on whims, with no schedule or rhythm?
- Do you sit down to work on bookkeeping but soon give up?
- Did you just “fall into business,” and before long, you realized what a mess you made of your accounting?
- Is rendering a profit and loss (P & L) statement a difficult task that can’t be done in a matter of minutes?
How a Professional Can Help You
If you answered “yes” to any of the above questions, a professional accountant or firm could help you greatly.
And, yes, it will cost you money. But realize, your current “bookkeeping” practices are already costing you money. (In fact, an effective accountant can pinpoint ways you’ve lost out due to poor bookkeeping.)
1. Select the right tools. The right software aids in accurate and fast bookkeeping. Accounting professionals know the latest tools and ones to fit your monthly or yearly budget.
2. Lay a foundation. Oftentimes, poor bookkeeping happened from the start. Thus, it feels like you can never change course – once disorganized, always disorganized. That’s not true! An accounting firm or expert can organize the jumbled information and set a structure for going forward.
3. Be prepared for taxes. With proper bookkeeping, taxes are not an ambiguous number or a scary time. You know, in advance, about how much you’ll pay in taxes and, therefore, can prepare.
4. Have real insight into the health of your business. Bookkeeping helps in decision-making. You can see what areas are costing you more than they should and which areas are performing above expectations. When an accounting expert helps you set effective bookkeeping practices, every aspect of your business reaps benefits.
Morgan & Associates Are Here to Help
We’re an accounting firm that specializes in small to mid-sized businesses and nonprofit organizations. We’ve helped many companies turn around their bookkeeping practices – from a jumbled mess to a system of reports and helpful insights.
