When running a business, there’s nothing more stressful than falling behind in paper work and having a million other things to do. It’s even worse when you’ve fallen behind in so much paper work that you have no idea what’s actually going on in your own business, especially finances. Let’s face it, everyone’s not perfect. It’s extremely difficult for an individual to run a business and spend their limited time keeping track of accounts, keeping books organised and keeping clients happy when your job is to actually run the business.
We spoke with Pamela Weston who is the owner of Pam Weston’s Bookkeeping who has shared with us what bookkeeping is and how it can benefit your business. Pamela says, “Bookkeeping in a nutshell, is the accounts side of a business who keep track of finances and ensure that everything is running smoothly and as it should”. Bookkeeping saves you time, stress and in some cases money. Pamela tells us how:
Bookkeeping helps keep a business on track by regularly updating and keeping accounts books organised and reconciled. This makes it easier for accountants when generating annual reports and financial statements. An unorganised file will cost the accountant more time, and therefore, you more money.
Recording transactions and keeping track of finances gives you, the business owner, a better understanding of what is going on inside your business and where money is being spent. This will also give you a better understanding of your financial position and you can then focus on what areas need improvement and what strategies appear to be working. Setting goals is extremely important when running a business because it keeps everyone on track and it gives you the opportunity to improve your business by developing strategies to increase revenue. If that goal hasn’t been met in a set period, then it’s obvious that something is wrong and isn’t working. By addressing the problem sooner rather than later can save you a lot of time and money.
You may not require a bookkeeper on a daily basis, which is expected if you’re running a small business. However, when mistakes have been made, bookkeepers are here to provide you with ongoing support and to help rectify what errors have been made before the problem progresses into something catastrophic. Everyone makes mistakes, however, not everyone may know how to fix it correctly. If a mistake has been made, don’t try to fix it yourself if you don’t know what you’re doing and let the bookkeeper do it for you.
If you run a business and need assistance with the accounts side of it, phone Pam Weston’s Bookkeeping and see how she can help your business. Pam Weston’s Bookkeeping is open Monday to Friday from 9:00am to 5:00pm and is closed weekends.
Phone 0407 382 220