For the 11th episode of Down to Business, I caught up with Katie McCool and Alex Nicolaidis from Booksmart Accounting Solutions. Be sure to watch as we delve into smarter ways to keep on top of your accounts to help prevent stress when running your own business.
Key takeaways for you:
- Bookkeeping is a huge part of any business and allows business owners to collect information to make informed decisions, however, it is something that is often taken for granted and overlooked. As a business owner, having an external bookkeeper can save you time, money and worry;
- Bookkeeping can be done internally, externally or a combination of both, but many businesses are moving towards having an outsourced bookkeeper so you as a business owner can have peace of mind that the job will get done no matter what;
- It’s integral as a business to have your books in order so you can make active decisions (it is also a legal requirement) – if your numbers aren’t in order, you don’t know where you’re at as a business and what goals you’re working towards;
- A very common mistake for business owners is not keeping receipts – implementing different programs or automating this process to make it easier to record the original document source can be beneficial; and
- If you don’t wish to outsource, it could be extremely worthwhile to have an external bookkeeper to come in, implement procedures and to help your team make improvements and stay on top of it.