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You didn’t start your business because you wanted to spend late nights hunched over spreadsheets, reconciling accounts. The thrill of the sale is what excites you. However, bookkeeping is unavoidable, and negligence will come back to bite you – in the form of lost money, fraud or even the very existence of your business. A Bookkeeper maintains records of financial transactions by establishing accounts; posting transactions; ensure legal requirements compliance.
“It’s amazing the trouble your business can get into if you neglect your bookkeeping chores,” says Stephen King, president and CEO of GrowthForce™. “While day-to-day compliance can seem boring and not worth focusing on, there is nothing more important than understanding your financial KPIs and cash flow situation. For that, your books need to be accurate and up to date.”
COMMON MISTAKE #1 “I can reconcile the bank statement and my books any time. Let’s get that sale made.”
If you’re not reconciling your bank statement and company books each month, you’re missing one of the most fundamental aspects of bookkeeping. Reconciliation is critical to spotting and correcting errors and theft that can be costly to your business.
COMMON MISTAKE # 2 “It doesn’t matter how you enter expenses; just get them down somewhere.”
It does matter, not only to make sure the financial statements you rely on are accurate, but also to pay only your fair share of taxes, and not more. You need to become acquainted with general bookkeeping guidelines and standard categorizations for entering expenses. Follow the guidelines and generally accepted accounting practices.
Develops system to account for financial transactions by establishing a chart of accounts; defining bookkeeping policies and procedures.
COMMON MISTAKE # 3 “I don’t need to pay a bookkeeper. I can do this myself.”
You sure can! Just like you can grow your own food, make your own clothes, repair your own car, generate your own electricity, and a host of other things. However, when you're in business to make money, you need to ask yourself WHAT IS MY TIME WORTH? Can you make more money doing the things that you’re good at? A competent bookkeeper has the skills you likely lack and can do the job quickly and efficiently. In addition, your bookkeeper is your second set of eyes to find errors and make suggestions.
A good bookkeeper is a valuable asset to a company and can provide the following: