Many people don’t quite understand why they need a bookkeeper. I am going to share 3 short powerful reasons why you need a bookkeeper. A bookkeeper will keep track of your income and expenses. This is very important. It allows you to create financial reports that are needed and sometimes required for lending purposes, such as line of credits or investor opportunities. Many people underestimate the story your numbers tell about your business. You want to show a high cash flow and a low liability. The only way to control that is to have a bookkeeper/accountant that can help you produce financial reports that you can use to manage your business. Which brings me to tip #1. You need a bookkeeper to:
I know we all know by now that profits sustain our business. Now there are a few ways to increase your profits. One way to increase your profits is to reduce your expenses. The less you spend the more you keep. Another way to increase your profits is to increase you sales, revenue or income which ever term you like to use to refer to your coins, the money!
The biggest way to increase your sales is to have repeat customers. When people like you, they come back. When people like you, they refer people to you as well.
One thing I notice is that entrepreneurs do not have enough accounting knowledge. So I want to share with you 3 people who have an interest in your business. These 3 people are called stakeholders. Google's definition of stakeholders is a person with an interest or concern in something, especially a business.
I want to go over the 3 types of stakeholders that a business should be aware of.