Like the blood in our veins, the accounting department helps keep your business moving from day to day. Unfortunately, such a service will cost you. It might even be hefty, comparatively so for a small business like yours.
Which is probably why a lot of small businesses are willing to suffer from stress and overwork to do their own accounting. That’s exactly where I was before starting up Financio.
Without any form of accounting help, you are bound to face challenges and as you might expect – it’s going to cost you. Here are some of the countless accounting challenges that micro-SME business owners might face without an accountant.
Keeping your books up to date
It’s hard to keep track of your books while lacking in proper knowledge and experience, one that an accountant could provide you. To keep your books on track, you’ll need the insights and tips on how to stay on top of cash flow provided by an experienced accountant.
Creating an effective system
Without an accountant on your financial reports, it’s hard to decide the expenses you need for your business. Achieving your monthly goals and setting up your budget might prove to be a difficult task as time goes by.
Bad bookkeeping practice will only end disastrously. All transactions made must be accounted for to avoid further loss in the future. In addition, without proper documentation, it’s impossible to keep track of your financial wellbeing.
I’ve explained in detail the consequences of keeping a bad account. You can find them here.
Staying on top of your cash flow
By tracking your cash flow, you’re able to prioritise your spending and distribute your budget accordingly. Unfortunately, it requires countless equations and usually takes forever – pulling you away from your business and your life.
It’s vital to have a complete and strong grip of your financial condition when times get tough. It’ll help predict the outcome of certain monetary decisions while helping you ride through the storm.
Find what you need for your business!
It’s safe to say that experts have recommended automating your accounts before you could afford to outsource the service to an accountant to manage the books for you.
Here’s a solution (and a damn good one, if I say so myself)
An accounting automation software – Financio! It helps keep your accounts in perfect condition. It’s catered for Micro to small business owners with zero or minimal accounting background. It provides everything you need to run your accounts by yourself without having to outsource an accountant. Brilliant stuff!
Providing you with a complete financial report, automatic bookkeeping, sales and purchases within an understandable format for you! The software comes in a free for life subscription, or an affordable premium for those with bigger needs for a small business – like being at the level to do GST. Head over to Financio to sign up.
Hope to see you there.