Why you need an effective, and efficient, accounting and reporting system in your business … if you want to MAKE MORE PROFITS!
If you have ever doubted the importance of your business’ accounting system and felt it was just a necessary evil to keep the Taxman at bay, then we would strongly encourage you to think again!
Below are the top 7 FORGOTTEN REASONS why all business owners like you MUST have an effective and efficient accounting and reporting system if you want to make MORE PROFITS and achieve your business and financial ambitions –
- Forgotten Reason 1 – An effective accounting & reporting system is the “Minimum Price of Entry” to real business success – We have seen it all, from tiny one person home businesses to financial services behemoths managing billions in client money. And the real success, and the avoidance of failure, only comes when performance is recorded, reported, considered and then acted upon.
- Forgotten Reason 2 – However, YOUR TIME IS TOO VALUABLE to spend much, if any, on preparing your own accounts. As the owner you should only focus on HIGH PAY OFF tasks! – You as the business owner and driving force behind your venture should only focus on HIGH PAY OFF tasks. Skeptical? I own two successful businesses and I don’t spend a minute on preparing the accounting and record keeping. And I’m an Accountant.
- Forgotten Reason 3 – If meeting your tax and other reporting obligations is hard, then you are doing something wrong – Tax lodgements are a regular occurring obligation that aren’t going away anytime soon. Therefore you need an efficient process to ensure you can meet these obligations on time each time without drama nor interruption to your core business operations. And doing so should never take up substantial, if any, amounts of the business owner’s highly valuable time. If it is, you are doing something wrong and it is time to rectify the situation!
- Forgotten Reason 4 – Having said that, your Accounting records are not just for the Taxman, they serve a higher purpose – It was invented well before Income Tax Returns and Activity Statements. Modern accounting was actually first conceived by the Merchants of Venice way back in the 14th and 15th centuries and they did so to provide the required useable and actionable information about their business. It helped them amass great fortunes and it can help you do the same.
- Forgotten Reason 5 – Accurate and timely reporting is the FOUNDATION upon which a successful business is built – Without a strong foundation, your business is little more than a house of cards, at the mercy of any change in the wind. Your accounting and reporting system will help you identify trends, good and bad, and allow you to adjust accordingly, before it’s too late to reap the benefits, or otherwise to avoid a disaster.
- Forgotten Reason 6 – Because you are flying blind without the information your accounting system should provide – If you don’t have the information you need, you are doing nothing more than GUESSING each time you make a business decision. You probably aren’t the type of person to put your life savings and your future on the line at the casino roulette table. So why take effectively the same gamble with your business.
- Forgotten Reason 7 – What Gets Measured, Gets Managed! So get measuring, then get managing AND watch the numbers grow and improve! – A cliché maybe, but in our experience it is 100% true and is a strategy that implemented correctly pays massive dividends. Get yourself an effective and efficient accounting and reporting system, then start measuring your business’ key numbers and performance, and you will be amazed how better managed they become and the positive results that will be produced.
See our video on the topic below …