Picture yourself flying a small private plane in the middle of a storm. You can’t see where you are going, but you are making critical decisions about your life, the life of your passengers, and the plane’s health. It is like running a business without a professional bookkeeper, controller, and accounting software. You are risking the health of the company and the safety of your family, employees, and assets.
Good bookkeeping provides a snapshot of the health of your business on a weekly, monthly and annual basis. The survival rate of a business is 36%, but owners who review their financials at least quarterly have an 80% success rate. Remember to keep your personal and business records separate to keep in good graces with the IRS and state department of revenues.
Joel Nimar of Matchbooks, LLC recommends outsourcing to control costs and limit personal liability for errors. For more information on the benefits of good bookkeeping, please read the importance of bookkeeping for businesses today.
Joel Nimar is a consultant at Matchbooks, a virtual bookkeeping and consulting company. We help companies like yours make more informed decisions, increase cash flow and improve daily operations.
For more information, contact us at consulting@matchbooksusa.com.