A poor account is just like bad karma. It WILL come back to bite you.– Jye Eng
I think it’s safe to say that any experienced business owner would advise you to invest in outsourcing a bookkeeper for your business. These professionals are aware of the format, structure, language and the overall operating procedure in order to keep your books in perfect condition.
Alternatively, micro-SMEs and start-up business owners can utilise an account automation software available online. The accounting software, Financio will help automate your accounts with bookkeeping, business updates, transaction records, invoices, backup and many more. You can sign up for free or go premium for less than the price of a large pizza, per month. Head over to financio.co to register.
Here are 5 reasons how not investing in accounting automation can cost your business:
You will lack the information necessary to provide a complete financial report for items such as revenues, investment and other income. An incomplete report will damage your reputation with the state and government agencies.
You’re more likely to miss certain due dates for payments. With that, you may find it difficult to obtain suppliers and clients in the future. In addition, you might even delay your receivable payment. As a result, you might find it difficult to establish agreements in the future.
You are exposed to the risk of inventory shortages. This will negatively impact your business. You might need to spend more just to meet the demand of stocking up or meeting demands, which would in turn affect your annual income.
You won’t be able to set an effective budget for your business. You might need to resort to your credit card and personal earnings to cover up the losses. It may seem small for the time being but as it rolls, the snowball will turn into an avalanche.
It’s difficult to maintain a good banking record without thorough and complete bookkeeping. Unorganised bank records will lead to overdraft fees and even account closure for your business. This places you at an unfavourable position when you are in need of a financial assistance.
There is no time like the present to move to automation – its easy and you can get started for free!