Why Your Business Books Should Be Accurate

Discover which services or products bring in the most revenue
You have an idea what sells and what doesn’t, but do you know which services not only bring in the most revenue, but the most profit? Are you undercharging for some of the services you provide? Can you eliminate troublesome or unprofitable products and expand your focus on those that will increate your bottom line?
Find out what your most significant expenses are
What are the biggest costs facing your business? Can you reduce them by eliminating waste? Or are you spending money unnecessarily?
Focus on those clients that bring you the highest profits
Spend less time on problem clients that cost more time than they’re worth, and pay more attention to higher profit customers and revenue streams
Learn which vendors are costing your business the most
Are you paying to much for the products that you resell? Is it time to shop around for new vendors?
Your tax returns won’t be accurate unless your books are
Your tax returns are only as solid as your bookkeeping is. If your income statement isn’t accurately reflecting all of your expenses, you’re going to lose when it comes to possible deductions. On the other hand, if your income isn’t being accurately reported, the tax man will eventually find out. Don’t let that happen! Keep your books accurate, and then your tax returns will be, also.
Want to sell your business some day? No serious buyer will touch a business with sloppy books
We hear from colleagues all the time who deal with business owners looking to retire and sell their business. And then they find out that those same owners have been using inexperienced family members or friends to do the “bookkeeping” using spreadsheets and notebooks. Potential buyers won’t consider investing in any business, no matter how profitable, if its books are incomplete or unprofessional.