One of the less desirable responsibilities a business owner has is bookkeeping. Although cloud-based accounting is a great help, nothing beats having an effective bookkeeper by your side. Hence, as a business owner, it is imperative you have a productive relationship with your bookkeeper.
Regardless of the number of employees you have presently, you should have in place an effective payroll system. Aside from rents or leases, machinery and tax obligations, payroll is probably a major expense of small-medium sized businesses. Like all of the aforementioned expenses, ensuring your employees are paid well and promptly contributes directly to the business’ well-being.
If you’ve treated your bookkeeper at arm’s length, it’s time to work with them in partnership. Various financial aids and incentives have been rolled out by the government as well as banks in recent weeks. For many small businesses, these relief packages are lifelines. However, like many small business owners, your days at work have probably grown longer and harder.
COVID-19 is the biggest threat to small businesses today. Financial assistance from the government provides temporary shelter. But ultimately, survival will depend on the owner’s ability to steer his ship to a safer shore. Keeping a close eye on your books with effective bookkeeping is important. In this post, we share other steps you can take to win in a slowdown.