As a business owner, you have a lot to juggle. And it’s likely you are constantly keeping an eye on your bank account to see how much money you have available. But how do you know if you’ve received all the funds from each day’s sales? Did the merchant processor transfer the payments that were due for that day? Were cash deposits made by your manager on time?
In my experience, most small business owners want to know their numbers, but they lack the proper bookkeeping system.
Additionally, many business owners lack the general knowledge and skill set to actually know their numbers. Financial reports can be confusing and nauseating to some people. Very few business owners know their numbers in and out, but those who do tend to run super successful businesses.
For most business owners, getting paid quickly is critical. It can also be extremely difficult. We have all experienced the frustration of investing time, energy and funds into a client job only to be left spending more time which is your margin following up on collections!
Managing the bookkeeping for your business – it doesn’t sound so bad at first, right? But when you dig deep into everything that goes into managing your business finances, it can be daunting. It turns out that bookkeeping is time consuming and complicated! Some have used the term tedious others go as far as to use the term “drudgery” when describing the duties that go into small business bookkeeping.
Here are six actions that you need to do for accurate and relevant financial statements: