Gold Coast Mobile Bookkeepers and Bookkeeping Services

He regarded the bookkeeping to be an unnecessary expense

Many small business owners struggle with keeping their bookwork up to date. Yet good record keeping is an essential part of any successful small business.

How can you make an informed decision about your business if you don’t know where you are at financially with your business?

You may have an excellent understanding of your business, and can say that you have all the information in your head.

We recently had a client who knew his business so well, that he boasted one client accounted for more than two – thirds of his business turnover.

When we presented the figures, he was shocked to learn that the client actually accounted for less than a third in terms of income, and was actually taking up about 80% of his time.

The business owner had no idea of where his business was, he hadn’t looked at sales figures, had a vague idea about his pending orders, and was heading for collapse.

Yet he took no notice of our warnings, because he regarded the bookkeeping to be an unnecessary expense, and only wanted the minimum of bookkeeping services.

Six months later he closed the doors on his business, before the creditors declared him a bankrupt. So he lost his whole business for the sake of a few hundred dollars in bookkeeping fees that he regarded as an expense.

Good record keeping should be the life-blood of your business, so ensure that you have a good bookkeeping system in place. Contact us for details