6 ways a bookkeeper can prepare you for 2023.
With interest rates rising, the Reserve Bank predicting a recession, house prices falling and the cost of living skyrocketing - you might think the year ahead will be all doom and gloom!
For business owners, the economic forecast could be even more worrying.
But with the right approach, right planning and right advice, business owners can put themselves in a position to handle any challenges that 2023 might throw at them!
Getting your accounts in order is the first step, which is where a good bookkeeper comes in.
How a bookkeeper can make a big difference:
Keep the guesswork out of it.
During times of uncertainty it’s essential to know what’s coming up and if your business can handle it. If your business loan interest rate changes so would your repayments. A bookkeeper can help with cashflow forecasting to show you what might happen in the future. When you know what the future could look like you can make adjustments now to change course for the better!
Keep you focused on business needs.
Engaging a bookkeeper allows business owners to concentrate on the things they are good at and where their time is best spent - such as strategy, sales, managing staff and other key operations.
You stay out of things you don't really know.
Not many business owners have a background in finance or even a basic working knowledge of accounts payable, accounts receivable, GST and taxes. Remember, mistakes can cost you money - leave it to a professional!
You can maintain cash flow.
When you're flat-tack, you may not realise there are outstanding payments from your client base. Any late payments here could impact your cash flow, which can cause major headaches. A bookkeeper can stay on top of this, and make sure your cash flow is optimal.
Your business can be more efficient (profitable).
It always helps to have another pair of eyes on your business. A bookkeeper can put the financials in order and run reports showing how you are doing each month, where the funds are going and how your efforts are paying off. They will also be able to see areas where you can be more efficient.
Maintain a work-life balance.
Owning a business can be all-encompassing! If you try and handle everything, you risk burnout, which can affect other areas of your life too. Engaging a bookkeeper takes a big weight off your shoulders. And knowing your accounts are in good order is great peace of mind.
