Small Business Owners: Can You Afford To Be Bad At Bookkeeping?

Running a small business requires the wise use of funds to remain profitable. There is no question that saving money wherever possible needs to be a focus of any small business owner. There are many decisions to make about the money you spend. Hiring an external specialist to handle an aspect of your business may seem a waste. Some believe that they can simply do it themselves, and save a little of their hard-earned profits to dedicate in other needed areas. When you think about it, there are many different areas that a paid outsider could help with or improve. So how do you choose the optimal use of your funds for these types of services? The best way to help make financial decisions is to ask yourself some important, and perhaps even uncomfortable questions. One of the most important is can you honestly afford to attempt managing a particular business aspect yourself. When applied to your financial health you have to ask, can you afford to be bad at bookkeeping?

BookkeepingBookkeeping Is a Critical Component of Success

Owners and operators of a small business have many things to balance. At the core, you want to do whatever you can to enhance growth and grow profits. While this is certainly important, it cannot be done properly without the wise management of other business aspects including your books. You are a specialist in your field, not an accountant. It can be easy for the bookkeeping of your business to find itself on the backburner. The truth is that having procedures and systems in place to manage your financial picture is as essential to successful business growth as sales or marketing. If your finances are not in order, your taxes not done correctly, and your understanding of the company’s financial health, your efforts to grow may be wasted. Financial health is the foundation of your business, and just cannot be ignored.

Spinning Plates

Have you ever seen the act where a person starts spinning multiple plates on poles, and has to run frantically from one to plate to another to give them another spin and keep them from crashing to the ground? If so, you know that as a small business owner, the demands can seem like we are doing the same thing. We bounce from one plate to another, always trying to keep everything moving smoothly. There is a plate for marketing, production, sales, employee matters, customer service, and so many others. Leaders understand their strengths, as well as their weaknesses. They realize the plates that must get their most attention, and also know when they need help to keep a plate spinning that is just out of reach. For many, they need a professional and experienced financial services firm to ensure their finances are managed exceptionally well, allowing them to focus on the other plates they must keep moving.

Can You Afford To Be Bad At Bookkeeping?

Bookkeeping is an area of your business that you do not want to allow to crash to the floor. The importance of this area extends far beyond keeping track of expenses and income. Even simple errors in your taxes can lead to thousands of lost dollars. Disorganized records can prevent you from receiving capital, and will cause investors to run away instead of towards you. It can affect morale if employees realize that the payroll management is poorly done. Decisions both large and small can be based on incorrect financial information causing significant losses, or even the complete destruction of your company. Unless you have the time, the extensive training, and vast experience to properly manage your books, you cannot afford to be bad at bookkeeping. The savings you will have, and the headaches you avoid will far outweigh the expense of using a professional bookkeeper to take over.

Landwehr Financial Solutions Can Help

The financial professionals at Landwehr Financial Solutions offer expert financial and tax services to all our clients, ensuring the highest professional standards and quality services available. We offer a broad range of services to assist you with any financial concerns or questions. Our financial coaching services may be just what you need to get ahead, plan for the future, or streamline your processes. At Landwehr Financial Solutions, the particular needs of every client are met through our holistic approach. Contact us today for more information on the many services we offer our clients in St. Cloud MN area.

Leave a Reply

Your email address will not be published. Required fields are marked *