Getting the most from your bookkeeper
Every business has a bookkeeper. It may be the business owner, an employee or a professional bookkeeper. No matter who looks after the books there is a big payoff from streamlining the bookkeeping process and making sure that you get the useful information when you need it.
Some of the benefits of having an optimised bookkeeping system are:
Up to date and accurate financial information. This helps you make good business decisions. You will understand your cashflow and know if any big expenses are coming up. This can be very helpful if you want to do things like invest in a new opportunity, make a large product order or employ a new team member. Will you have the cash required to pay for it?
You gain insights into what is happening in your business. This helps you plan for long term sustainable growth.
You can identify areas in which you can cut some costs and look at areas where costs seem to be higher than normal and investigate why. Sometimes lower than normal costs can be a red flag too as it may indicate that you will have higher costs later in the year when spending catches up.
The business owner has an important role in making the bookkeeping as efficient and meaningful as possible.