Small business bookkeeping is the cornerstone of any successful business.
While you might be adept at customer service and have the right products at hand, it’s important not to neglect your accounts.
Sure, the thought of poring over each and every transaction might seem underwhelming, but a basic understanding of bookkeeping for small businesses could help to revolutionise your company, reduce tax bills and penalties.
It could also help you make more out of your existing finances.
The reality is that a spreadsheet alongside a box of receipts just isn’t going to cut it when it comes to maintaining accurate accounts for a small business. Even if you’re a one-man-band, a sole trader or a micro-business that only has a couple of employees, accessing some form of accounting software is going to be essential in order to keep accurate, up-to-date books.
A small business is equally vulnerable to the tides of economic change. While change isn’t bad in itself, it can throw you off balance. Whether you survive or thrive depends on how prepared you are.