KNOW YOUR NUMBERS TO GROW YOUR NUMBERS
Being your own boss takes a lot of dedication , skill and attention to details that would not ordinarily matter to you as an employee . Book-keeping is so essential for a business. I think accurate book-keeping is essential for business growth and I would tell you why:
1) You keep up profitability because business reports are generated using book-keeping numbers and this helps maintain profitability.
2) You have to know your numbers to grow your numbers . Following the trail of money as it comes in and out of your business is so essential. It makes you aware how you are spending and what you are spending on. Need I say more ?
3) Accurate book-keeping provides up-to-date figures a business owner can use at any time to decide on whether to make an investment or plan a capital purchase.
4) Knowing your numbers ensure business growth. Collecting expense receipts, gathering payroll data, getting payments to vendors and tracking outstanding invoices all make ensure business growth and efficiency. If you lack the skill or are still in the process of developing accurate book-keeping skills or cannot afford a full-time in-house accountant, why not outsource it and focus on your core business? Focus translates to quantum leaps in revenue and you get to save tons in human resource costs too!