Is running a business driving you to the edge?
Updated: Aug 10, 2019
I read this terrific blog post from entreprenur.com.
It suggested bookkeeping should not only be thought of as a pain in the backside administrative chore that helps keeps your business in good order, but also as a way to avoid losing your sanity.
The blog listed some of the benefits bookkeeping has in helping you avoid going crackers:
Support decision making (so you don't spend what you don't have).
Identifying ways to save tax (tidying the clutter can uncover hidden gems).
And reducing stress (managing your finances and getting your tax in on time becomes one less thing to worry about).
We've seen, first-hand, what can happen when you allow things - often unknowingly - to get on top of you.
One such example had the business owner two whole years behind on their tax returns.
This led to fines in the tens of thousands, and a backdated tax bill in the hundreds of thousands.
In fact it got so bad, and caused so much pressure and stress, that it forced the business to close down.
And this was a successful, otherwise profitable, business.
Unfortunatey, as I understand it, there was even a bout of counselling.
This shouldn't happen! Running a business should have an element of fun to it - no-one should have to go through this.
And yet, it happens. As a result, 20% of businesses fail in their first year.
50% after five.
So, if you can't see yourself banging away at a computer late into the night after a hard day at work, then perhaps you need someone else to do the dirty work for you.
And here you have three good options:
1. Learn how to use bookkeeping software, such as QuickBooks. This will short-cut the process of managing your books and getting tax returns done and submitted accurately, and in good time.
2. Hire someone in your family to do your bookkeeping. This is a great, low cost, way of avoiding the books yourself, whilst ensuring everything stays in good order.
3. Engage a bookkeeper. This is the best way to take the weight of managing your business finances off your mind, whilst ensuring submissions are made on time and you avoid any financial penalties.
Running your own business is not easy, but there are ways to reduce the stress of it all.
If you have outstanding tax returns that you need bringing up to date, urgently, then we can certainly help you here.
But if you just want some more time and money saving hints and tips, send me an email or give either myself or Sarah a call.