Whilst reading the quarterly newsletter of a colleague I found an extract about the importance of bookkeeping to a successful business, please have a read:
Bookkeeping is a PRIORITY!
While the start up phase of a business is often all about getting work in the door and generating revenue, record keeping and accounting software are other foundation stones in your business wall. Too many businesses fail because of poor record keeping and you need to make it a priority.
Legal obligations aside, your records will provide valuable information you can use to grow your business. Know your numbers and sales information. Identify seasonal trends, your best customers and their preferences. Calculate your average sale value and know your sales per product. This valuable data will help you make strategic business decisions.
Software selection is very important. The golden rule is match your business needs with your accounting skills. Don’t buy sophisticated double entry accounting software if you don’t understand debits and credits. Most importantly, consult with our office before you make the software decision.
On The Money September 2012 ed. V.P Cannizzaro & Co.
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