Your profits are allowing you to provide for loved ones, pay staff, and save for retirement.
I applaud you for that. But I also have a challenge.
Stop listening to mentors and the culture saying, “It’s not enough!”
Trust that your hard work and sacrifice has paid off.
You don’t have to be Amazon for long-term success to mark your business. Besides, Amazon has plenty of issues which aren’t worth imitating.
Read on and I’ll explain a step to confirm that you’re doing a lot right.
Small business bookkeeping can unleash the floodgates of healthy cash flow.
However, an audit can put a Hoover Dam in the way. Nothing is getting past that beast of a barrier.
Various factors increase the likelihood of your books being scrutinized.
Triggers:
Our federal tax agency likes inaccuracy even less than your typical accountant does. When your return contains abundant mistakes, the eyes of their employees are drawn to them.
Remove all distractions (silence your phone!) when inputting figures. Please also remember to double check everything before hitting “submit.”
If you’re unclear in sharing your costs, it’s also a red flag.
A typical vague category for expenses is labeled “miscellaneous.” Without adding an explanation in your return, expect eyebrows to raise at the IRS.
Sometimes this classification is selected because it’s quicker than determining the proper category. But shortcuts are not recommended when filing.
In fact, the less work you can create for them, the better. I know from experience.
Another key trigger is blending two separate accounts.
One solution to avoid mixing funds is to use accounting software.
You and your team don’t need to be financial experts to understand the generated reports. Coordination in real-time also becomes smoother. And should your business grow, extra features can be added. Without a need to research and adopt another tool.
Because we all know how difficult it can be to get staff excited for new technology training. It’s right up there with reading the on-boarding manual.
Moving on, I want to make bookkeeping in small business a breeze for you.
I don’t intend to overwhelm you. After all, you have plenty on your plate already. So, I’ll simply offer beginner small business basic bookkeeping here.
But first, I want to share when handing off the books makes sense.
Reasons to outsource:
Of these, two reasons stand out in terms of importance. Identifying problem areas and getting back more time for profitable efforts.
Here’s why you want to fill process gaps early. Letting them go unchecked could affect your bottom line. Cash flow. Or any number of other valuable metrics.
Lean Six Sigma is a system to remove these unnecessary variations in processes. Getting rid of waste and boosting your fiscal health. Offering staff training in this methodology is one option. The other is working with an accountant.
Entrepreneurs like yourself get in “the zone” when you’re able to focus on bringing cash into the business. There’s only one problem. You keep finding yourself adrift in an ocean of numbers.
Outsourcing throws you a lifesaver. Forget that. It delivers a boat.
Getting started:
These four basics will provide a nice launchpad for becoming the top business in the Milky Way. That’s right, in the entire galaxy. Why limit your dominance to your town or county? Aim higher!
As I start to wrap up, let me tell you a relatable story.
You and I are in the same boat.
Well not literally. Open water and I don’t mix.
But figuratively in a surprising way.
Former advisors offered me the following plan:
Traditional business wisdom would call this guidance solid and worth following.
There was just one problem with that advice. Okay, three problems.
No mention of profit, personal happiness, or helping my clients succeed. That’s where our definitions of accomplishment diverged.
In a big way.
After all, it was my conscious that would have to be seared. Not theirs.
I couldn’t even comprehend neglecting the most important asset for my business. Customers.
Does this sound like what others have told you?
The picture of a self-made entrepreneur has been drilled into our psyche. We’re told the customer is there to pay your salary. You don’t need any help to reach the boardroom in a soaring skyscraper.
That is complete rubbish.
To be totally honest, it’s a recipe for losing your identity as servant to your community. And bettering society.
You don’t need an IPO or billions in revenue. Your business is growing at the right pace. And here’s something else. You are already successful.
Stop believing the lie.
This isn’t meant as some sort of self-help, touchy-feely support from an accountant. It’s encouragement from a fellow believer in true capitalism. And the American Dream.
Now it’s time to cover a resource for verifying what you know deep down inside. But aren’t being told by the so-called experts.
Something is missing from the bookkeeping field.
A human approach to personalized business services. Zelienople, PA is our home, but we’ve worked with small to mid-sized businesses across this great nation.
Aiding their pursuit of a financially healthy venture.
Expect tailored recording from your personal Blue Slate Accounting team member:
We provide a quick, realistic weekly snapshot of your cash flow. Allowing you to make informed monetary decisions.
Outsource your bookkeeping solutions today. And take the first step towards profitability and contentment in your business.
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