Hello world! And Happy Monday! Today is a new day and the start of another week to get out here and get this money. It’s your favorite Money Motivator – Growth Instigator, Erica Fields bringing you the keys to your financial house!! I hope you are enjoying this day and are receiving all the fruits of your labor.
Today’s topic is about the benefits of a bookkeeping service. It’s difficult to decide how to best spend your hard-earned money. If you don’t plan, you may not be sure how you’ve spent it in the past. With the help of a, your business can save money that you didn’t even realize was missing or being misused.
Alleviate Hidden Dangers
Tracking income and expenses properly with a bookkeeper can save your company from any missed customer payments or late fees for missed deadline on bills due. Both scenarios are costly and have hidden dangers to your business’ success.
Just for an example, let’s say you run an upscale salon that offers memberships. You have a long-standing client who is enrolled in a premium package, but her payment method has been declined for two months and it has gone unnoticed.
This occurrence can eventually put you in danger of a cash flow shortage leading to your inability to make both payroll and rent. You’ll have to decide whether to face a possible lawsuit and fines not meeting payroll or incur late fees on rent. Knowing earlier on would allow time to act to either collect the declined payment or replace the standing appointment with a new paying membership.
Better Planned Spending
Your bookkeeper can provide insights on how you spend your money and what areas of expenses can be eliminated or replaced with either more value or less cost. Given enough time to analyze the trends your revenue and expenses, your bookkeeping service provider will partner with a leading software like QuickBooks Online to provide services that will put you on the path to expanding the business. A periodic review of your income statement with your bookkeeper will help identify dormant costs such as subscription no longer beneficial to your practice.
Whether your business is just starting out or is well-established, the assistance of a bookkeeping service will ensure that your business continues to grow financially. A bookkeeping professional can devote time to ensuring your books are accurate so that you don’t have to. Once you’ve had help making sure your books are in order, that data can help you decide the best course of action for your business.
Don’t hesitate to schedule a free phone consultation any questions or need assistance. Join our list for more new from The Keys!