Throughout the years, we’ve seen firsthand the transformative power of good bookkeeping and the momentum it gains when combined with the right tools such as cloud accounting software. While many business owners may see bookkeeping as another admin or data entry type of job, those who have experienced the benefits of a skilled bookkeeper know it’s an indispensable asset. That’s why we decided to explore what having a good bookkeeper brings to a business and why it is such a serious game-changer.
The Power of Accurate Financial Information
The right accounting software combined with an experienced bookkeeper means you can trust the information. While this may sound like a basic thing, it’s crucial. Accurate financial data is the starting point of every successful business. Being able to do comparisons between different periods of sales, costs, and more at a glance secures space for smart, quick, and informed decisions. This is the bird’s-eye view you will need to spot trends, identify areas of improvement, and create the best strategies.
Uncovering Hidden Opportunities
It is not uncommon to hear how bookkeepers are there to just record numbers. And that couldn’t be further from the truth because in reality, they are there to interpret them.
For instance, there was a case where our client’s bookkeeper discovered that the bank had overcharged them by €3,400 in referral fees. It was just a few Euro monthly across nearly three years. It was almost unnoticeable to the business owner, but thanks to the bookkeeper knowing where to look and how to use the online accounting software to its fullest potential – a detailed report was produced clearly indicating a quite high total that all of a sudden wasn’t that unnoticeable anymore.
The best thing – the bank tried to fob the owner off with an offer of a couple of hundred euro. The owner was able to present the bookkeeper’s findings to the bank manager and get back all €3,400 of their overcharges.
Empowering Negotiations
As the saying goes, people can’t argue with numbers. When you have accurate, detailed financial records, you’re in a stronger position for any negotiations coming your way. Whether it is for renegotiating a mortgage, or considering a business loan, negotiating a better deal with your suppliers or maybe investing in more staff to help you grow the business, a good bookkeeper can help you see a clear picture of your business’s financial health, potentially securing better terms.
For example, one client was looking to negotiate better prices with a key supplier. She was able to pull figures showing her spending with their competition and demonstrate how she could be persuaded to bring more business if offered better rates.
Adapting to Your Business Needs
Contrary to popular belief, a mix of good bookkeeping and accounting automation tools don’t mean a complete change of your business practices. It is to improve them, and make sure they work with you, not against you.
For example, if you are a business owner of a service business who is used to issuing paper invoices on the spot, smart bookkeeping and digital tools will mean implementing a system where you can photograph and automatically upload them to SortMyBooks cloud accounting software, creating records without disrupting the existing workflow.
The Bottom Line
Having a good bookkeeper is about more than just keeping your books in order. It’s about achieving financial confidence, uncovering opportunities, and making the best business decisions. It’s about helping you to steer your business towards success with clarity and precision.
Remember, information is power. If you need access to a good bookkeeper or would like to find out how you can get the best online accounting software for your business, let’s chat!
Aileen @ SortMyBooks