Importance of Bookkeeping For Your Small Business - PowerPoint PPT Presentation

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Importance of Bookkeeping For Your Small Business

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Small-business owners agree that it's a huge toil to sustain a small business. It makes you the hamster on the spinning wheel with constantly tracking inventories, maintaining accurate records, and managing financial documents. – PowerPoint PPT presentation

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Title: Importance of Bookkeeping For Your Small Business


1
Importance of Bookkeeping For Your Small
Business Small-business owners agree that it's a
huge toil to sustain a small business. It makes
you the hamster on the spinning wheel with
constantly tracking inventories, maintaining
accurate records, and managing financial
documents.
  • Bookkeeping, as a practice, helps you to
    organize, track, and analysis your business'
    financial transactions. Earlier it was an uphill
    battle to maintain bookkeeping records, but today
    multiple Online outsourced bookkeeping services
    can help you in small business bookkeeping.
  • Importance of Small Business Bookkeeping
  • Bookkeeping practices have great importance for
    small businesses, including planning purposes,
    tracing business growth, helping in making
    informed decisions for your business, etc. Read
    ahead about why small businesses bookkeeping
    practices.
  • Improves Cash Flow

2
  • The most visible importance of bookkeeping comes
    with improving your cash flow. Good bookkeeping
    will inform you about the 360-degree financial
    performance of your small business and highlight
    expenditures causing a negative cash flow.
  • Be Tax Prepared
  • Bookkeeping practices allow you to face the tax
    monster. With all your records organized and
    documented, the tax return becomes easier. Plus,
    regular bookkeeping practice will reduce the cost
    of hiring a year-end accountant to file your
    taxes.
  • Impress your Investors
  • Any genuine investor would first want to know
    about the financial performance of your small
    business and then negotiate the investments.
    Simple bookkeeping helps you reach out to the
    latest economic records in no time and add
    confidence in the investor.
  • Make Spot-on Budgets
  • Since bookkeeping basics involve documenting your
    income, expenses, and resource distribution, you
    can create more realistic and accurate budgets
    for your business. You can also keep a tally if
    your costs are as per your planned budget and
    make the required adjustments.
  • Accelerates Audit Process
  • Your small business is not out of the CRA audit
    radar, so maintaining a good bookkeeping practice
    will make you audit-ready and end the audit
    process quicker.
  • Better Decision Making
  • Bookkeeping allows you to make informed decisions
    regarding your small business as it lets you
    analyze the monetary patterns and gives you a
    bird-eye- view of it.

3
  • Note Bookkeeping tips
  • Separate personal business finances
  • Have deadline reminders
  • Get the right bookkeeping software
  • Compare your Monthly bookkeeping records.
  • Conclusion
  • Bookkeeping gives you a 360-degree financial
    report of your small business and acts as the
    much-required booster in the developing and
    sustaining stages.
  • Therefore you must know bookkeeping in and out.
    Utilizing these Online outsourced bookkeeping
    services can make your work super easy.
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