The business world runs on numbers. But not all businesspeople are great at collecting, storing, retrieving and publishing their financial figures. Each executive must decide what is best for their business. Either learn how to keep better financial records or hire someone to do it for you. Ignoring your financial records will come back to bite you at some point whether you are dealing with a funding source, the government or the legal system.
Organized financial records can help your business by:
- Clearly presented and accurate financial data can reduce your business risk profile.
- Debt and equity capital can become more accessible at better terms.
- Your CPA can be more accurate with your tax returns which may reduce your audit risk and lower your accounting fees.
- Business planning becomes more efficient with shorter financial forecasting meetings.
- Key employees have more time to leverage their talent and grow sales.
- And most importantly you can respond to financial trends faster and avoid strategic mistakes.
Bookkeeping and accounting services, financial software, and your own record keeping efforts are the best tools for excellent financial reporting to capitalize on these business opportunities.
- What is double-entry bookkeeping? (accountingcoach.com)
- 5 Easy Ways to Stay on Top of Your Accounting (smallbiztrends.com)
- Bookkeeping Services for All Kinds of Businesses [Lawrence Perry] (ecademy.com)