Bookkeeping seems like a complicated chore to many small business owners, but when it comes to maintaining your books, you should try to keep a bigger picture in mind. I recently read an interesting Forbes article that clearly explains the purpose and importance of bookkeeping. Here’s what it all boils down to...
“For an entrepreneur, the truth is that accounting and finance are only tools to accomplish three key tasks: (1) To make predictions about the future; (2) To help you make more effective commitments of time, energy and money to attract customers and deliver goods and services at a larger and more efficient scale; and (3) To measure and reassess your progress, so you can reward and encourage profitable behaviors, report progress to third parties, and change directions when necessary.”
Bookkeeping in and of itself is not a task. It is a tool by which you can more effectively manage the larger more significant tasks listed above. Consistent bookkeeping practices simplify these tasks and ultimately make achieving your business goals much easier.
As you prepare your business for the New Year, evaluate your books. If your record keeping has been somewhat haphazard, resolve to do better in 2016. And if consistency proves difficult, consider outsourcing your bookkeeping. Contact our Charleston office to schedule your complimentary consultation.