Fall in Love with Finance
(or at least dislike it less…)
Are you anything like the 90% of entrepreneurs I have spoken to recently that have not given any thought to their 2018 accounts?
Have you forgotten how stressed you were last year?
Do you not remember promising yourself that next year you wouldn’t do that to yourself again?
Well if you are reading this and nodding to yourself, the good news is, that there is plenty of time to get your accounts sorted at your own, less stressful, pace.
The not so good news is that you do need to start on them now.
Why you need to do regular accounting
Apart from having to do your accounts to work out how much tax you need to pay, there are a lot of business benefits to doing your accounts on a regular basis.
My top 3 are:
- Collecting the right information on items you have bought can provide you with valuable insight into your buying patterns. This will help you understand what you need to buy in the future.
- Helps you keeping track of sales and any outstanding customers that have not paid you yet.
- It makes planning for the next few months easier, providing you with a greater chance of achieving your goals.
Why happens when you don’t
When you only ‘do’ accounting for your year end taxes, you will spend 100% of your allotted accounting time inputting the information into a format that you can use to work out how much you owe.
It can be very time consuming when you leave it until the last minute to get everything ready. Or, you may decide to hand it all over to a bookkeeper, which can be costly.
Either way, by the time you have your return completed, you are fed up with the accounts and put them away and think about the other ‘fire’ in your business.
Your accounts become a necessary task to keep your business going, rather than a valuable resource that can help you grow your business.
What regular accounting looks like
When we spend as little as one hour a week on our accounts, we then have time to review our work and make sense of the numbers.
When we understand our numbers, it makes planning for the foreseeable future a lot easier and it gets you focused on what and how you will achieve your short-term goals.
Once we know how we are going to achieve our short-term goals, our medium- and long-term goals become a lot clearer.
What you can do today
If you are unsure of where to start why don’t you let me help you?
I have a range of services that will suit all of your accounting needs no matter where you are in your business development.
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Or if you would like to book a 30-minute FREE consultation to see how we can work together, contact me here and I will get in touch with you within 48 hours.
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