One of the most important foundations of a successful business is a strong bookkeeping and accounting process. Whether you’re a startup or an established business, having timely financial records at your fingertips is critical to ensure your business runs efficiently and smoothly. Many small business owners struggle with bookkeeping functions and often realize once it is too late.
Bookkeeping is the process of recording all of the financial transactions for your business. Transactions include purchases, sales, receipts, and payments by an individual or a business entity. It helps you understand how much money you’re owed, how much you owe, whether you can afford to spend more on additional staffing, marketing expenses, or to give yourself a much-deserved raise! Keeping organized and timely business records is essential to making informed business decisions and to prevent you from making costly financial mistakes.