| Bookkeeping: An essential for business success! | | | | to set up a good system. Or they can train you in |
| It doesn't sound very exciting to have to keep financial | | | | accounting basics. Or even set up a system for you! |
| records when you need to focus on your product, | | | | 2. Is the cost of a bookkeeper less than what you can |
| does it? But it is critical. Let me share a few reasons | | | | charge per hour in your business? Or do you feel |
| why and suggest a few ways to begin. | | | | lacking in basic accounting principles? Then it's likely a |
| | | | good idea to hire a reputable bookkeeper. |
| 1. Have you priced your product right? It is essential to | | | | 3. I suggest using a bookkeeper rather than an |
| track the cost to produce your products or services | | | | accountant for this chore as the hourly rate for |
| and monitor your markup for the financial health of | | | | bookkeepers is usually dramatically less than for |
| your business. | | | | accountants. Accountants are the go-to people for tax |
| 2. Are you able to stay competitive with your | | | | preparation and bookkeepers the pros at business |
| competition? The only way to know is to keep | | | | financial record keeping! |
| accurate records of your costs and income. | | | | 4. If you feel comfortable with accounting basics and |
| 3. The good 'ole IRS demands that you file taxes | | | | want to tackle bookkeeping yourself, a terrific |
| which means you need to track both your income and | | | | accounting package is QuickBooks. There are a few |
| your expenses in order to do so accurately. | | | | different versions of the software and the differences |
| 4. Your bank or other financial institution will want to | | | | are clearly outlined in the sales literature. |
| assess your business's credit worthiness should you | | | | 5. Should you not be familiar with QuickBooks there |
| decide to apply for a credit card or business loan. | | | | are some terrific QuickBooks Pro Advisors available to |
| They'll need financial statements in order to do so! | | | | help train you so as to quickly bring you up to speed. |
| How the heck do I begin what feels like this daunting | | | | It is commendable that you are so good at your craft |
| task of bookkeeping? | | | | and that you were courageous enough to hang out |
| | | | your shingle! Let's keep the success going by keeping |
| 1. A great place to begin is to consult with an | | | | accurate financial records so you can gauge the |
| accountant or bookkeeper to help outline what your | | | | financial health of your growing business. |
| needs are. These professionals can guide you on how | | | | |