We offer a variety of monthly or annual accounting solutions, personally we prefer monthly accounting as this is the only way you can really know where your business is at at all times during any year.

There are many reasons why small businesses fail, struggle to thrive or show poor profits – research suggests that one of the main culprits is poor accounting

Whether it’s bad bookkeeping, or no bookkeeping, flying blind is a recipe for business disaster. If you want to increase your chances of long-term success, here are some signs your business should be investing in professional bookkeeping services as soon as possible.

1. You’re not making as much money as you could be – Here’s the bottom line: if you want to increase your revenues, enlist the aid of a reputable bookkeeping service. This single decision has the potential to significantly boost your profits by increasing your company’s efficiency and productivity, decreasing the costs associated with late fees, interest charges, and missed tax benefits, and providing the time your entrepreneurial spirit needs to strategize, negotiate, and ultimately generate a higher level of income

2. You’re unsure of how to take advantage of all the tax deductions available to you – Without the services of a bookkeeping expert, you may be missing out on tax credits and deductions your business is entitled to claim. Many companies find that this point alone more than pays for the expense of hiring a bookkeeping firm to handle their financial affairs. While you may not have the time or resources to keep up with the regularly evolving tax scene, your professional bookkeeper does

3. Your bookkeeping records are incomplete or non-existent -Record-keeping is a vital part of every organization’s bookkeeping activities. Without generating and maintaining suitable account records, you risk incurring higher costs in both time and money. Hiring a qualified bookkeeping firm will streamline your financial documentation. It will also help you to avoid missed deadlines for government remittances, and non-compliance penalties for incorrect – or incomplete – tax returns

4. Your bills sometimes, or always, get paid late – When you lack the time or knowledge necessary to keep your accounts up to date, bills can fall through the cracks, and the money to pay them can be unavailable when you need it. Proper accounting practices include proper management and timing. When you take advantage of professional bookkeeping services, you’ll never have to worry about late fees, missing capital, or the repercussions of poor credit.

5. You’ve never kept a set of books before – As someone who’s capable of initiating a business from scratch, it’s no surprise that most entrepreneurs prefer to do things for themselves. Sometimes it’s just in their nature, but often it’s an attempt to save money. If you’ve never performed bookkeeping duties before, this isn’t the time to start. Trying to learn a complex new skill, while also juggling the many tasks involved in forging a new enterprise, will end up costing you more than it saves

6. Your company lacks organization – How organized is your business? The state of your company’s finances contributes directly to the efficiency and performance of its infrastructure at every level. You can’t successfully control or navigate a business whose accounts are left to manage themselves. A solidly administered accounting foundation is key to improving productivity, and making future growth possible

7. So You Can Get Financing -If you’re business is growing and your considering financing to help with expansion, that’s great—until you walk into the bank without any evidence whatsoever that you are actually running a successful business. And surprise, surprise, but accurate bookkeeping is the foundation that generates that evidence. When you do proper bookkeeping, you can easily generate reports such as balance sheets and profit and loss statements that are critical to helping you make your case for financing. Bottom line: no bookkeeping means no loan.

8. So You Know If You’re Making A Profit – Ah, profit. Aside from passion, profit is probably one of the top reasons you’re an entrepreneur in the first place. But without bookkeeping it’s going to be really tough to gauge whether or not your business is actually profitable. While your bank account might be in the black at the moment, that doesn’t mean your company will show a profit at the end of the year. Keeping accurate books, on the other hand, allows you to see inflow vs. outflow. And that’s how you know whether or not your business is profitable.