With millions of people jobless, stores re-opening after lockdown, and then protests all over the country have caused serious damages to the retail industry in the USA. Spending patterns of customers have changed, and due to decrease in income, people are cutting down on their purchases.
You might be thinking about what it has to do with Bookkeeping? Well, you know how your business is going these days better than any blog or research. You may also have a plan on cutting down employees, or getting a loan to sustain your business. But today we are suggesting a very old method of recording and saving money in your business, which is bookkeeping.
This is one of the clay tablets found in Babylon and Assyria from 4000BC. We can see even in that era businesses used to record their transactions and contracts.
In today’s world, businesses, transacations, entertainment, communication and much more—have gone digital. So, our bookkeeping methods should also go digital and accountability should be readily available from anywhere. Your bookkeeping should include:
Bookkeeping is a need
Bookkeeping in crisis becomes more important because you need to know everything about your business daily. Which includes:
If you keep everything in check daily and know where your business is not performing well, only then you can sustain all the loss done to your business in recent Covid-19 lockdown and protests.
Hire an Employee or Outsource?
OUTSOURCE, OUTSOURCE, OUTSOURCE. Do you want to spend thousands of dollars on an employee or just a few hundred dollars on acquiring a professional Bookkeeping service, which has experienced and qualified professionals, most updated bookkeeping software/tools, and most importantly, has an unbiased opinion about your business?
An employee can always switch from one job to another for a better opportunity, and may also become biased towards your business due to emotional and personal attachment. But a bookkeeping service will always provide you accurate results which will help your business grow.
So, save money and start bookkeeping now. It will help you keep all your records ready in case of an IRS audit. You will also have a better knowledge of everything about your business’s financial assets to file income tax.
Source:
