Making a case for cloud-based bookkeeping…
The U.S. Bureau of Labor Statistics states only about half of small businesses survive their first 5 years. Devoting more time to the business books could be a resource delegated to an outside source that increases the success of your business.
More than 50% of small business owners spend less than 10 hours per month on accounting work.
Sadly 10 hours per month may be all they can spare, but may not be enough to keep up on the financial health of their business.
Business owners often don’t understand the meaning of the financials. Having a professional bookkeeper can help them understand and better manage their finances.
Here are some tips small business owners can use to help maximize the chances of success.
Tip #1: Work with a bookkeeper who delivers timely information on a regular basis
Small business owners should seek a bookkeeper who uses cloud-based accounting software. Cloud-based systems allow information to be shared real time among the business owner, bookkeeper and accountant.
Tip #2: Work with a Bookkeeper all year not just at tax time or when you need clean up
Bookkeepers provide valuable insight to your daily business. Through budgeting, benchmarking and reporting. Bookkeepers can help the small business owner make and save more money and provide information on topics such cash flow, revenue projections and the financial health of the business. With cloud based software these items are always available to review, snapshot and adjust.
Tip #3: Create a Budget
Good bookkeepers can help create a budget to help cash flow and plan for challenges. Budgeting reviewed frequently allows the business to adjust cash flow when needed. With a cloud based system this is easy to do and share.
Tip #4: Always follow best practices
Good bookkeepers can help you establish and follow good habits and practices. Good habits become easy to maintain with cloud based systems. Receipts, invoices, bank statements and other important documentation no longer needs to be paper laying around getting lost; cloud based systems store and share this information securely.
Tip#5: The Cloud Software Benefits
Cloud accounting software provides better security, automatic updates, document collaboration, document management, is scalable to your business needs and has easy disaster recovery to name a few of the perks. Combine this with a professional bookkeeper and you have a dynamic duo!
Choosing the right bookkeeper to aide your business year round; with best practices and a cloud based system can be just the ticket to your success!