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Monday December 15, 2014

Essential financial foundations - bookkeeping

It’s both typical and understandable – a new business owner with a tight cash flow sets up their own accounts using a reputable accounting software package.

 

While this business owner (very often a sole owner / trader) is busy setting up an office, marketing their new business and actually doing the work, they are also trying to manage this new accounting responsibility – paying bills, entering data, setting up account codes and trying to sort out tax responsibilities.

 

While well intentioned, if not done properly from the beginning this approach can actually hamper efforts to build your new business by taking you away from your core skill set or focus. After all, didn’t you go into business to do what you are good at?

 

A good accounting system is important not just to meet your financial obligations, but to actually know how you are doing.

 

You can save yourself all of that time, cost and worry by outsourcing your bookkeeping to a specialist bookkeeping service.

 

And if your bookkeeper is associated with an accounting firm, then they can call on their experience, advice and knowledge of the accountant partners to provide you with a clearer picture of how your business is performing and a more meaningful understanding of your trading position. You don’t have to wait to after the year-end to see how well you are actually doing.

 

Marley Loft offers a comprehensive bookkeeping service (onsite or remotely) and can also recommend independent bookkeepers who we have worked with over many years.

Whether you require support for a day or a month, give us a call today to see how we can help you get on top of your accounting paperwork.