Small businesses who use their accounting data to inform how they manage their operation as a whole are less likely to have to manage ‘under crisis.’ Further, with good categories and tracking systems in place, business performance can be measured and monitored easily, allowing owners to continually streamline their business and improve their efficiency. This practice inevitably reduces waste. (Related article: Tracking by class in QuickBooks)
It’s every small business owner’s ambition to have a profitable and sustainable business. Business owners who take a hands-on approach to their bookkeeping, who regularly (monthly or quarterly) review, interpret and adjust a reliable forecast, become less reactive and more likely to enjoy higher profits and improve their cash-flow throughout the year.
Steering a container ship versus a racing boat.
Consider having to maneuver a container ship versus a sail boat. When you wait until the end of the year to review your accounting information it can be a slow process, much like turning around a freighter. However, if you can find costly mistakes as they occur, minor adjustments can lead to smooth sailing!
Take a proactive approach to book keeping and save time and money in the long run.
Do you need help reviewing your reports, strategizing or creating a reliable forecast? Call Chris directly at (360) 303-5798 for a free business review.