Is your bookkeeper a storyteller?
~ February 2019 ~
Welcome to the Merager Financial Solutions LLC newsletter. We're so happy you are here! Each newsletter provides a wealth of knowledge and inspires business growth.
Quick question: If you were asked to to fully describe your business, would you be at a loss for words?
Most business leaders would be, because there are so many moving parts. Vendors, clients, expenses, income, long-term liabilities, assets, business loans, aspirations, employees, taxes... The list could go on almost endlessly.
Here's the thing: Your business' story should already be captured in your financials. Wait, you might say. My financials are just a bunch of numbers that make my eyes roll up into my head... The truth is that if your financials are crafted correctly, they should tell the tale of your company with the same clarity that you could say in words.
If you ever want to sell your business, get investors in, convince a bank to give you a loan or even just know where your business is at the moment, you need a well-crafted set of books that accurately tells your company's story.
TAKEAWAY: Your company's books are its story. It's just told with numbers as placeholders for the human story behind them.
A bookkeepers job
Bookkeepers should double-check for any unusual transactions, enter any complex accounting entries, reconcile the bank accounts and keep a watch to not overdraw the company checking account.
Bookkeepers are not responsible for advising a company leader on *how* to use the resources in place and will typically choose to not affect the course of the company with the big picture. The bookkeeper's "lane" is typically quite narrow.
So you want to launch a new product?
Maybe not today, but someday you will. Make sure you have the knowledge infrastructure in place well before you need it.
Tax time, eh?
As you move through the year, keep in the back of your mind that tax season can be painful. Or it can be as easy as turning over your books and the tax part is just a matter of putting it together.
TAKEAWAY: It will cost much more to have a CPA fix mistakes at tax-time than to have it done well during the year. Use that money for a nice dinner out, instead!
If you need assistance with anything we’ve discussed here, let’s talk so you can reach your financial goals, growth, and revenue. Spend your time doing what you do best and make more money by having us solve your most pressing financial issues.