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The Four Benefits of Keeping Accurate Books (Even for Non-Accountants)
For many business owners, bookkeeping inspires about as much enthusiasm as going to the dentist. Sure, it’s probably a good idea, but what if you find out you need a root canal.
In the financial realm, that proverbial root canal (taxes, expenses, etc.) combined with the drab reality of getting your books in order makes it easy to put off. Unfortunately, this procrastination leaves a lot of valuable insight on the table – not to mention creating an ever-present anxiety surrounding financial issues.
However, by getting your books in order, you’ll gain clarity and peace of mind. Plus, a clear picture of your business’s financial health will help you make better informed decisions while also inspiring creative action that leads to healthier cash flows.
That said, here are four reasons to get your books in order. Hopefully, by the end of this article, you’ll be inspired to tackle the boring world of balance sheets (don’t tell your accountant we said so) and get back to work creating something greater in service of your customers and community at large.
- Tax Time Made Easy
Let’s face it: tax time isn’t exactly most business owner’s idea of a good time. Setting everything aside to add up a mountain of receipts and invoices can be stressful – it also takes time and carries with it the fear of a future audit and additional expenses . . .
Unless you’ve got clear, up-to-date books, that is.
Then, tax season is a piece of cake. And even if you are audited, there’s nothing to worry about – just hand over your records and you’re home free.
- Financial Health at a Glance
Nothing quite inspires peace of mind like knowing where you stand. And when it comes to the financial health of your business, maintaining clear books can mean the difference between constant stress and making confident financial moves that improve your bottom line.
Having an up-to-date picture of your business’s cash flow is also critical in avoiding overspending. By being able to access accurate records, you’ll know both when to ratchet back as well as when you can invest more aggressively in your business without accumulating excessive debt.
And speaking of debt, well-maintained books demonstrate transparency and financial responsibility – both of which establish credibility to lenders and investors. So, while you might not need a loan now, it’s wise to keep your books in order for those times you might need a little help down the line.
- Bookkeeping is Oddly Motivating
Seeing your financials in black and white has a way of leading to creative insights for improving your business. It’s all right there in front of you: which products are lagging, where you can increase marketing spend and how you can reduce unnecessary expenses.
The key to keeping these insights flowing – and your business growing – is reconciling your books regularly. It’s a good idea to update your numbers at least quarterly, and preferably monthly. Otherwise, you may miss valuable insights along the way and stall your business’s ability to serve others.
- Financial Peace of Mind
At the end of the day, staying on top of your business’s bookkeeping lets you know that your company’s finances are in order. And with all accounts reconciled, getting to sleep at night is going to be a whole lot easier.
Beyond that, gaining control of your finances leads to confident, logical choices with your revenues that stand to bring your company greater financial returns. So, with so much to gain, the task of regularly updating your books might not be such a bad idea.
However, the problem is actually doing it. Bookkeeping is tedious. It takes time. It’s not particularly fun. And, well, you kind of have to know what you’re doing.
Because of this, Integro offers full-service bookkeeping for you and your business. Our goal is to help you rest assured that your books are in order and given utmost care and attention. Then, knowing your records are error-free, you can just give them a glance to gain deeper insights into your business and make healthier financial decisions over time.
To get started, book your free discovery call now. It’s absolutely free and sure beats all that unnecessary financial worry.