You had a passion to start a business and provide services or products to many customers and fortunately, you are finally there! Your efforts are making your business grow quickly and you are realizing how busy you are becoming to not have time for all the things you used to. One of those could be your bookkeeping and financials. There are more moving parts to a fast growing business and having great financials to help you run and manage the business successfully is of great importance. Great bookkeeping is vital to measuring and understanding your business, so you can manage it as it grows or have the right records for potential investors or lenders. It ultimately helps you monitor your cash flow and make wise business decisions while staying compliant. Here are a few reasons to consider keeping up to date with your bookkeeping if your business is experiencing rapid growth.
Cash Flow Management
Keeping up with your bookkeeping daily and weekly lets you know how your cash flow is so you can better manage your business operations. Knowing how much is needed to keep the operation going versus what’s currently on hand gives you the opportunity to make smart and quick decisions. With growth comes the possibility for many financial surprises and opportunities and not understanding your cash flow can lead to stressful times for a business owner.
Operations Management
Well organized books let you know where your profits and losses are coming from. By analyzing your books, you’ll have a bird’s-eye view on what’s working or not operationally before it’s too late. This gives you the opportunity to know where to invest in more or where to cut or reduce cost, production or service. This means your accounting books provide opportunities for you to continuously take your business to the next level.
Business Funding
Many business owners come to realize they need capital at a moments notice and keeping up to date with bookkeeping can be very beneficial in this instance. Cleaning up several months of your books at once can lead to errors, wrong data and be time consuming. Investors and lenders typically ask for information on your books and mostly assist those who have clean books and a good idea on how they spend and receive money.
There are additional reasons as to why daily and weekly monitoring the financials of a fast growing business is important. When to consider an accountant that can help as your business grows is an important yet sometimes daunting decision. We have helped several clients with making the right decisions to grow their business at Motl Accounting. Our accounting practices provide you the information you need to make sound business decisions during the course of your rapid growth. We have accountants, dedicated bookkeepers and payroll specialists on staff to help our clients. We pride ourselves in providing peace of mind accounting practices so our clients can focus on other important demands of growing their business.
Is your business experiencing rapid growth? Contact us at our West Dundee, IL location at 847-426-2100 or via our website. We’d be pleased to let you know how we can assist your business during the fast growing phase and also how we can help you grow
