29 May Excellent Bookkeeping: It Makes a Difference
When you are the owner of a company that is doing well – making lucrative deals, courting multiple clients, and turning a big profit – you want to continue that trend, and that is well within the realm of possibility.
Excellence is important to you.
When you and everyone involved in your company are all working at their fullest potential, there is no barrier you cannot break and no goal you cannot reach – that is, unless you don’t have organized financial records.
For many companies, one of the barriers to complete and continued success is bookkeeping.
As the owner of a company, it can be extremely difficult, if not impossible to find the time to manage your books. It can also be challenging to find a person, or a team of people, willing to dedicate the time and energy it takes to tackle all accounting required.
That’s where we come in. Our bookkeepers combine work ethic and mathematic skills with a passion for balancing books, viewing the numbers as puzzles to be solved and challenges to be overcome. It is this passion that sets us at Two Roads apart from other bookkeepers or accounting firms.
But, why exactly is it beneficial to have a talented, passionate accounting team at your disposal to handle your books? To answer that, we’ve listed some of the reasons that proper bookkeeping is essential for all businesses:
- Keeping track of expenses: When running a business, perhaps the most important numbers to know are your expenses and your earnings. Of course, this is applicable in all monetary facets of life, but in business, it is especially important. If someone has made an error in your expense records, then the livelihood of every employee may be negatively affected by that error.
- Recording your earnings: Again, the two most important numbers in all transactions are expenses and earnings. Keeping track of your earnings and keeping your employees in the loop can foster a team effort, and you can establish an environment of team work with goals all employees can help each other to reach.
- Keeping inventory current: Every company selling a product will have an inventory. Even service-oriented companies keep an inventory, if only to know what they have in their office supply. Maintaining an accurate, up-to-the-minute inventory will reduce unnecessary ordering and assist a business having a truer picture of their financials.
- Avoid audits: If your company’s assets are ever called into question, having clear records and neatly organized books will make any investigation go much more smoothly. Not only that, but having good bookkeeping in the first place may help to avoid an audit all together. In addition, organized bookkeeping can help you to avoid potential fines or judgments for poor financial records.
- Banking purposes: Most financial institutions these days will require access to your financial records. Excellent bookkeeping makes the process of disclosure go more smoothly and increases your opportunities to have good working relationships with banks or financial advising companies.
At Two Roads, we can make your life a whole lot easier. We stand on our business, and are committed to helping you succeed at yours. Your success is our success. Contact us to see how we can best help you succeed.