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E-Myth – “Why most small businesses don’t work & what to do about it”

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Business Coach | Retain a Bookkeeper

Business coach absolutely advises that it is a necessity for business owners to retain a proper bookkeeper. Make sure the bookkeeper is professional, accredited, and comes with references. This bookkeeper can save you time in keeping your files accurate, concise, and organized, so that you can work on what you excel at doing, i.e. running a potentially successful business.

A proper bookkeeper can save you from making inaccurate, inexperienced, and poor business decisions. They, in fact, can save you from financial ruin altogether. For example, you are interested in purchasing a new piece of equipment for your business, or if you want to have new employees into your business or let go of one’s. A proper bookkeeper can help you in saving money, and time, and can be very efficient at keeping the books very organized so that if you need to know certain numbers very quickly they will be ready for you.

Business coach warns against just anybody doing your business finances. After all it’s not in fact just a matter of plugging expenses and revenue into a computer program, and that computer program spitting proper numbers back out. It’s the computer companies that are to blame for that thought process. The automated software is a fantastic starts in attempting to do your own books or accounting, but ideally you need a professional to keep you organized or else the records just aren’t worthy of allowing you to make proper and prudent business decisions.

If you ask your accountant, suggests business coach, yes they will in fact be able to do your books but ideally it comes down to the timeliness and the expense. Further, if you have an employee in them is it’s probably not appropriate for them to be looking into your numbers or attempting to reconcile anything in terms of your accounting purposes. If you retain an accountant, the account will potentially cost more as well, and can be very efficient. Think effectively that your life savings is on the line.

As well, accountants always think in terms of driving budget if there is disorganization from within the books you’ll spend too much time doing data entry and organizing the books instead of actually working on the file or getting any work done that needs to be done.

Worst-case scenario you retain a bad bookkeeper, or you make a bad decision and you lose money, hopefully that bad bookkeeper will not advise you into more decisions that will allow for financial ruin. For example, very common for business owners to get behind in such accounts as GST or payroll etc. The CRA can be very stern and strict and without proper payroll and GST accounts they could freeze your accounts.

Think about having a discussion with your bookkeeper and keeping on top of how the books look and how they are organized. Make sure you’re getting at least quarterly updates potentially weekly updates. If this update never in fact comes there is probably nothing getting done on your account, or it’s getting done in a rush or is disorganized.

Retaining a good bookkeeper is essential in keeping your business on point with accounts and files such as GST and payroll, etc, says business coach.

In business there are everyday decisions. What does not come with these decisions is a reset button. If you make the right decision, good for you. If however you make the wrong decision you cannot go back and fix it. Worst-case scenario, if you make a glaringly bad decision, you could lose your business altogether. The way we make these decisions is you need to know the numbers of your business, i.e. the numbers that are coming in such as revenue, expenses, etc. Knowing the numbers will allow you to make more educated and timely decisions such as hiring new staff, or buying that new piece of equipment for your business. You do not, as well, want any of your financial statements, or your files to be entered in late when we are talking about year and. If you submit your urine financials late then you may eventually be receiving and working up numbers that are a year to 18 months old. You need quality interim bookkeeping records that your bookkeeper can give you immediately when you decide to buy a piece of new equipment. You need to know whether you can afford it or not.

Business coach says that looking for a proper bookkeeper can be an arduous enrolling task. Think about reaching out to your referral network, someone was in network and the team behind them, with experience and reputation of success. Ask other business associates about their good and bad stories with bookkeepers. As well, accountants are a fantastic referral as well.

How do you know if you have a bad bookkeeper, asks business coach. You will know, worst-case scenario that if you make a bad decision in business whether ultimately you can come back from it financially or not. The chances of you making a bad business decision when all of your books files and accounts are in order, are potentially few and far between. Think specifically about important accounts such as payroll or GST as well. When dealing with the Canada revenue agency, they can be very stern and negatively affect your business if they don’t get proper information. They could potentially freeze all of your accounts.

Thing about having a discussion with your bookkeeper so that you both are on the same page. They know what you expect and you know what they expect from them. A good opening question to ask your bookkeeper is “how are the books?”” Make sure you’re getting at least quarterly updates, potentially weekly if this update never comes, then you can be confident in the fact that nothing is getting done or your poor bookkeeper is rushing over it or is very disorganized ergo it is taking longer and he is inefficient.