Approaching Your Business Accounting With Confidence
As the co-founder of Quantify for 10 Years, Dave Ashworth has helped countless business owners add a few extra hours of sleep per night knowing they have accurate financial information to grow their business. Prior to founding Quantify, Dave’s expertise was utilized by one of Pennsylvania’s biggest regional public accounting firms.
What problem do you solve? How to manage the accounting and bookkeeping for your business.
- If you aren’t making a profit you aren’t going to have a business. Dave believes that some businesses that fail do so because they do not have a good handle on the financial and accounting information, not because they don’t know how to deliver their goods and services.
- When doing your accounting and financial work, you need to decide if it is better for you to work on it or for someone else to. It may be that a business owner’s time is better invested in working on the things that make money vs. doing the accounting work in their business.
- If you decided that you are the one that is going to do the work, you need to figure out a cadence that works for you, block off the time and then stick to it. If you get behind, the work can become overwhelming.
- Be sure to get tax advice so that you don’t have any surprises at tax time.
- You should have a picture of what’s coming and that will help you be prepared. It may show that you need to either make more money or spend less.
- 5 Ways to Better Manage your bookkeeping
- Make sure you separate your business and your personal. Have separate bank accounts and credit cards.
- Do your weekly bookkeeping.
- Use the correct accounting software.
- Utilize available technologies for payroll, accounts payable, accounts receivable, etc. There is a lot of cool technology out there that can make things more efficient
- Potentially hire a bookkeeper.
- Remote can really benefit you. You can find someone that is of a high quality that may not be available in your area physically. You can really increase your talent pool.
- Dave has a bookkeeping course: the DIY course on his website is for those just starting out. thequantifygroup.com/diy-bookkeeping-for-startups
Dave Ashworth’s Best Small Business Tip:
Don’t lose sight of building your network. If you have a strong network, you can succeed with anything.
Connect with Dave Ashworth:
Learn more about Gary’s Mastermind group at goascend.biz/the-mastermind-solution