Are you a solo or micro small business owner? What about all the bookkeeping jobs you have to tackle to manage the financial record keeping processes for your business? Most of us think of bookkeeping as a necessary evil to satisfy compliance issues with the tax office or keep our accountant happy! It doesn’t have to be that way. It can be very rewarding to check your financial reports each month and see your business growing.
Usually the business structure for a Micro Business involves an owner-operator who is the Jack of all Trades, Flying Solo, trying to manage all aspects of their business – time is of the essence!!
However, just because your business starts off small, it may not always be that way, and implementation of efficient administration and bookkeeping systems in the early stages is critical to ensure your business survives to get to the next level.
To Be Your Own Bookkeeper you need to spend some time to set the necessary processes in place, get a bit organized and know when to ask for help. Once you have achieved this, the great benefit to your business is the ability to produce financial reports that indicate how your business is performing on a daily, weekly or monthly basis. All Solo and Micro Business owners that I have met are passionate about their business, but also want to make money! Having good Bookkeeping processes in place is an essential step in achieving this.
Bookkeeping mainly involves being organized and paying attention to detail.
Once you get the processes in place to enable regular reporting on your business it can make a huge difference to the overall success of your business. You can celebrate achievements and address issues as they arise. You will be in a position to decide if you can expand your business and ensure that you can pay your liabilities as they come due.
If you would like more information on how to manage the bookkeeping and administration functions for your micro business just go to Be Your Own Bookkeeper.
http://www.beyourownbookkeeper.com/
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Financial reporting should be the main reason that you spend time on your small business bookkeeping! Not just because your Accountant demands it or to satisfy the Tax Office! If you are the owner of a micro small business Australia and you learn to Be Your Own Bookkeeper you will be able to review your financial reports with confidence and monitor your business' progress. You might even be able to improve your business bottom line!
