Small Business Bookkeeping: A Numerical Story for Business Owners
We all know words can make intriguing stories. It’s all the rage in marketing, sharing the story of your business and the people in it, but what about your business numbers? Did you know that your financials are telling you the full story of your business? It’s important to understand the tales your numbers are sharing with your small business bookkeeping, and this goes beyond traditional bookkeeping.
Business Mindset for Your Bookkeeping Story
Bookkeeping for small business owners is more than a transactional process—it’s an asset investment. Numbers tell a story and allow a business owner to create their own narrative using those figures. While you may think a numerical story sounds boring, it’s all about approaching your numbers with the right mindset.
Knowing real-time numbers helps you move your business forward.
To know your numbers, you need to understand them in real time. Without this knowledge, the business will continue to be reactive, disallowing business owners to make value-added decisions. You could lose 12 months of opportunity if numbers are only reviewed and analyzed once a year. If you want the most bang for your buck, transition your business mindset to one that is proactive, and you’ll be better equipped to realistically link your numbers to your business goals. Your bookkeeper is providing you with key knowledge to propel your business forward. If you don’t know how to read their story, ask your bookkeeper. They should be willing to help you decode the numbers in a way you understand. Listen to what the numbers are saying as they’ll help you be more confident in the long run.
Understand what the real story is behind your numbers.
A bookkeeper is there to help a business owner understand the numbers and explain why they are on par or against business expectations. Engaging in numbers allows business owners to see what their costs are and can prompt a Q&A session with the bookkeeper. It may even be as simple as, “How can we mitigate these costs?” Opening the conversation between you and your bookkeeper can clarify why the numbers are what they are, such that the bookkeeper can help share the story of your business through numbers. This dialogue encourages the bookkeeper to go back to the drawing board and ask, “What can I do about ‘X’ for my client?” The Q&A between these two parties is one of the biggest differentiators between a traditional bookkeeper and one with a consultancy mindset. The latter is future-focused and looks to create a working relationship between the business owner and bookkeeper. They typically look for a win-win situation for all parties because of the extra value and understanding of numbers a bookkeeper adds. Numbers contribute much more information than what appears on paper and a bookkeeper can help you decode your real story.
Bookkeeping is not a transactional expense. It is a value-added investment.
Numbers are an asset to any small business. They literally run the business, allowing you to understand your true expenses and scalability possibilities. A small business bookkeeper who believes in working with clients can bring much more to the table than simply entering numbers and running reports. Bookkeepers can contribute to an increase in profit and could potentially save you effort and time. Where there is time-saving, there is cost-saving.
Don’t believe us? Hopefully, you know that business owners are required to keep massive amounts of business and government-related paper on hand for seven years. These papers need to be stored, often requiring external storage space to hold them, thus costing more. However, thanks to the Cloud, business owners can now transfer (and store) all that paper electronically with the help of a bookkeeper. It saves time, money and is much easier to access this information in the event of an audit. A consultancy bookkeeping mindset can add value to the business by supporting clients simply by improving efficiencies in moving from paper to electronic processes.
It’s crucial to evaluate the current business process and operations to find the inefficiencies. Reformulated business goals can be achieved with a bookkeeper who can break apart the numbers and provide suggestions on how to accomplish your business goals by reading and delivering the numerical story. Save time, add ease to compliance issues and make it easier to scale the business by understanding the numbers in your business.
Bookkeeping can be a monotonous, mechanical process. By nature, human beings dislike processes that are boring and routine. But, with a consultancy mindset shaped for business growth and goal acquisition, the routine becomes dynamic, enjoyable and valuable. It’s not just about the numbers, it’s what the numbers are telling you for growth. It’s this growth-focused mindset that can become a de-stressor for those looking to strategically use their numbers to move their business forward.
Ask yourself: How are you looking at your numbers? What kind of story are they telling? Numbers are a bigger asset than what meets the eye. Understanding the value different services bring to a business is vital for future business projections.
We want our clients to succeed, so if you aren’t sure what your numbers are telling you, we’re happy to chat to ensure your business is empowered and focused on growth. Contact Priority Business Solutions today.
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