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How to Keep Good Books and Records in Your Business
Manage episode 448507976 series 3561104
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The final quarter is bookkeeping season as businesses consolidate their year and plan for the next one. To explain why keeping your books and records up to date is vital for the success and growth of your business, we are joined today by Jeff Starr, General Manager of Supporting Strategies, an outsource-booking, accounting, and operation services provider for small and mid-sized businesses. Jeff begins with some important bookkeeping tips for 2025 before explaining why every business should use Q4 to update all its financial records. We discuss the role of bookkeeping professionals, why updating your books should be a monthly activity, the things that could go wrong when your records are outdated, and Jeff’s unique approach to the accrual-cash pendulum. To end, we learn about how bookkeepers help business owners translate their financial data for prospective buyers and Jeff advises us to always stay on top of our bookkeeping and not to underestimate its importance. Ready to set your business up for success? Tune in to start taking control of your financials today!
Key Points From This Episode:
- Important tips and considerations about books and records for 2025.
- Why it’s vital to consolidate your bookkeeping before the end of the year.
- The importance of relying on professionals to help sort through your books and records.
- Understanding how often a business should be updating its books and records.
- How having updated records makes a business more attractive to willing buyers.
- Exploring the challenges and possible pitfalls of having outdated books and records.
- Accrual versus cash and how Jeff approaches this particular towrope.
- How bookkeepers help business owners translate their financial data.
- The way Supporting Strategies advises its clients on cash flow.
Tip of the Day: Stay on top of things, don’t procrastinate, and don’t underestimate the importance of bookkeeping for your business.
Links Mentioned in Today’s Episode:
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