You ran with your dreams, and started your own business – and now are flying solo. It is great being your own boss and calling all the shots. Most likely, you now wear many hats including marketing, sales, customer service, development and operations and last, but not least, accounting. Accounting is not only listed as last in this list, but is often the last thing that solopreneurs tackle.
For any sized company, the bookkeeping system is vital because it lets you know exactly where you stand in your business at any given time. A weekly cash flow report will keep you on the pulse of your business showing accounts receivable, operating costs, return on investment for advertising and other costs. However, this is one area that we often see solopreneurs struggle with, because they frequently want to “do it themselves.” That’s all well and good if you have an accounting background and plenty of time to keep up with the books.
But if you are like most owners, you are not in the business to sit at your computer and do bookkeeping, are you? And when you get busy with a sales opportunity, one of the first things that falls behind is keeping up the bookkeeping. Before you know it, you’ve lost your handle on the money. You need the numbers now to make decisions today, but your record keeping is a mess and inaccurate. There is no one else to blame because you are all on your own.
It’s exhilarating to fly solo, but it’s also smart to have a wingman that will handle your bookkeeping and accounting. Before you get too far off the ground, find a professional that is experienced with small businesses. Your bookkeeper can provide you with on-demand statements and keep you on track. Do this and you’ll always have a good pulse on your money and be ready to make the next decision.
