What’s the most important part of running a business? Ask one thousand business owners and you’ll get over one thousand answers. Some might say business planning. Others might point to fundraising, or perhaps licensing and compliance. Most, however, will say managing the books. Unless you have formal training in accounting or bookkeeping, keeping an eye the books might fall by the wayside at the expense of running other parts of the business. So, how do you juggle this responsibility on top of all the other ones you have in order to keep your business afloat in turbulent waters?
As Klickly founder and CEO Cooper Harris explains, rolling up your sleeves and jumping headfirst bookkeeping is an essential part of the journey that every small business owner must take. What Cooper realized, however, is that you might not necessarily have to take that journey alone. A good account, bookkeeper or accounting program can help fill in any knowledge gaps while you tend to the other parts of the business. Cooper realized that she didn’t necessarily need to do all of her bookkeeping personally, so long as she kept a close eye on it.
You don’t need to be an accountant in order to run your businesses successfully, but you do need to know your business’ overall financial health at all times. Whether you learn how to utilize accounting software yourself or you hire a trusted CPA and/or tax consultant to do maintain your books for you, having that knowledge in your corner will pay countless dividends over your business’ lifetime, especially when it comes to budgeting and financial projections. That being said, as the visionary behind your business, financial management shouldn’t take all of your time. Set up a system that allows you to periodically check in on it while you do what matters most: making your business dream a lucrative reality.