3. Consult a bookkeeper
At the end of the day, business owners want to build their businesses, not manage their books. AΒ bookkeeper can help you move beyond basic bookkeepingΒ and allow you to get back to what you do best.
If you find youβre spending too much time trying to work through your finances, it might be time to consider investing in bookkeeping services. As a bookkeeper, Bingham loves deciphering complicated transactions and organising her clientβs finances.
βItβs very satisfying when youβre able to accomplish that goal, β she said. βKnowing β¦ your client has all the important information β¦ They can see where their money has been spent [and] how much money it costs to make the money theyβre making. Itβs extremely satisfying.β
A bookkeeper can help ensure you have the most up-to-date financial information for your business. They can help you organise your books and find common, costly mistakes that can stem from using Excel as your primary bookkeeping system.
They can help you prepare your income statementsΒ balance sheets,Β cash flow statementsΒ and otherΒ financial reportsΒ correctly. Among other things, these financial statements ensure you have the most accurate records for tax returns at the end of the year. If youβre a new business in need of a business loan, your bookkeeper can help with that too.
Most of all, a bookkeeper can help you understand your small businessβs financial health, allowing you to make smarter financial decisions.