Small business owners don’t need a bookkeeper. They don’t need to record ONLY the past; they also need to look to the future. And that takes more than just a bookkeeper.
For your business to be sustainable and grow, what you really need is cash flow management. This includes someone to help you reach all your financial goals.
And a bookkeeper is not going to do that!
Clarifying What a Bookkeeper Is
Before we dive into the point I’m making, let’s start off with some definitions.
- Bookkeeper: a person whose job is to keep records of the financial affairs of a business (keyword = records)
- Record: a thing constituting a piece of evidence about the past (past is the keyword there)
So, a bookkeeper is someone who RECORDS the PAST. Quite literally, a bookkeeper sees financial transactions that happened in a business (money in, money out) and records them AFTER they have happened.
We Aren’t Doing Away With Your Small Business Bookkeeper Completely
Of course, doing your bookkeeping and/or having a bookkeeper is vital for running a small business. You can’t know your numbers, file accurate taxes, or analyze profits without bookkeeping.
However, when a small business owner takes the step to hire a bookkeeper, they may think that they now have a person in their corner who will solve all of their financial problems. I’ve had people come to my firm before and tell me that they need someone who can “tell them more” or “give them more.”
But, most often, small business owners are looking for someone who will give them information on what is projected to happen in the future.
If you are looking for information for the future – like:
- How much cash will I have when…
- Can I afford to hire this employee?
- How much should I pay myself?
- When will I start to see more profit?
- How do I know what to save for taxes?
None of these are part of the bookkeeping process. Remember, a bookkeeper RECORDS the PAST.
Bookkeeping Looks To The Past
As a small business owner, you need accurate, consistent reporting to see what has happened and use it to guide your future plans and decisions.
Plus, you can’t file accurate taxes without bookkeeping. Therefore, while you need bookkeeping to answer the questions about the future, you’ll want to turn to someone else.
Maybe you are someone who realizes the benefits of hiring a bookkeeper. Not everyone wants to do the tedious work of recording and categorizing transactions. Just remember, even a great bookkeeper will only be working in the past.
They will not guide you into the future. So, if you are looking for guidance or assistance on things in the future – you don’t need a bookkeeper!
What Do You Need Instead of a Bookkeeper?
If you have a bookkeeper or are doing your own bookkeeping, how do you know all of the other essential aspects of your finances? Like knowing your cash flow, knowing how much to pay yourself, or figuring out how to increase your profits.
What you need is YOU!
You, as the true CEO of your business, is what you need!
A CEO (or chief executive officer) is the highest-ranking person in a company or other institution. They are ultimately responsible for making managerial decisions.
Decisions like what to spend money on, the company’s vision and mission, and the business strategy.
You, my friend, are the CEO of your company. And you should not want someone else making those decisions for you.
- You control your financial future.
- You control the spending of the company.
- You control how profitable you are.
- You control your paycheck!
This can be overwhelming when you first realize this. You may be thinking, “HOW on Earth am I supposed to control all of that?”
This is where having a guide on your side will help. You need someone to come alongside you and empower you. To guide you on how to be the master of your money.
Having this person opens your eyes to your financial future. They can sit down with you and look at cash flow, budgets, profits, and pricing.
This is where you need someone other than a bookkeeper or in addition to a bookkeeper!
Get the Guidance a Bookkeeper Can’t Give You
If you’re looking at your business and your finances and have many of those future planning questions, it’s time for you to find your guide on the side.
Join the free workshop to dive deeper into the subject of mastering your money and learning more about bookkeeping for your business. This is how you can really know your numbers and make the best decisions to grow your company.
This workshop is designed to teach you how you can achieve long-term wealth as a busy entrepreneur. And bookkeeping is definitely an essential part of that. But we’ll go into a lot more than just bookkeeping.
I want to help you truly walk away with a defined path to financial success. The progress and clarity you’ll see in just a few days of this workshop will leave you wondering how we even offer this for free.
It’s time to stop living month-to-month or sale-to-sale. It’s time to thrive on recurring revenue, high profit, and cash reserves.
I host this workshop a few times a year, be sure to join one of them!
Click Here to get started.