In business, it’s only natural to be looking out for that magical new idea or that new way of doing things – anything that will transform your business and it’s bottom line.
However, searching for a “quick fix” or a “get rich fast” solution can often mean we miss the fact that small, less glamorous, yet achievable, improvements within your business can have a dramatic effect.
Read on to discover the first two of six critically important reasons why in business you must have an effective, and efficient, accounting and reporting system and how, believe it or not, it can be the difference between achieving the success you dream of, and doing nothing more than surviving (if that).
1. It’s the minimum price of entry
In Australia, the regulatory and reporting obligations effectively render some kind of record keeping system a mandatory obligation, but we would argue that having an effective and efficient accounting system is actually the minimum price of entry to achieving real business success.
Over the years, we’ve worked with businesses of all shapes and sizes, and we’ve seen first hand how business success can only be sustained with a strong accounting and record keeping system in place.
Without it, and without access to accurate, complete information that you can rely on, it’s easy to find yourself overwhelmed with your reporting obligations, or digging a financial hole you may never climb out of.
If your reporting obligations aren’t easily met on time, and if they take any of your time as the business owner, then you are limiting your true wealth potential
2. If it’s hard, you’re doing something wrong
It’s fair to say that Australian reporting obligations are collectively disliked, but the fact remains they aren’t going away any time soon. So, it’s important to ensure that these obligations can be met easily and on time, with minimal ongoing time investment and zero disruption to day-to-day business activities.
Most importantly, your reporting obligations must be able to be met with little to no interruption to the focus and attention of you as the business owner.
If your tax and reporting obligations aren’t being met easily or on time, and if they take up any of your time at all, then it’s important to recognise that it’s holding your business back and limiting your true wealth potential.
Watch out for Part 2 with critically important reasons 3 and 4 over coming days (Now live, access Part 2 – Lower your Sights).