The Importance of Keeping a Quality Set of Books

Every business owner knows keeping a quality set of books is vital for staying in compliance – but having access to this data for tax returns is just one reason why accurate accounting is important.

Work proactively, not reactively

Without an accurate picture of your company’s financial position, you wind up making reactionary business decisions based on what’s happening right now instead of what you’d like to see happen tomorrow.

If you always find yourself “putting out financial fires”, poor accounting could be part of the problem.

A quality set of books lays out all the information you need to perform real financial planning and analysis, which leads to better decision making.

Take the guesswork out of budgeting

With your income and expenses properly organized, reviewing your financial resources and expenses is easy.

Quality books lead directly to the development of a quality budget, which is an indispensable tool for mapping out the future expenses that create growth for your business.

Easier to set and monitor business targets

Every business wants to grow but not all businesses grow at the same speed. Maintaining accurate financial data is the only way to set specific growth targets and have the transparency to monitor your progress in real time.

Tracking growth targets is more than a motivational tool, it’s how you determine whether your growth strategies are working or if you need to tweak your plans or return to the drawing board.

Peace of mind

As a business owner, life is stressful enough as it is. Keeping a quality set of books takes one less worry off your plate, freeing up energy to focus on strategic initiatives instead of day-to-day tasks.

Success rarely happens by accident without a good plan

Accurate and current records help keep you in compliance, which is great – but nobody goes into business just to be compliant.

Our Seattle accountants are available to help you develop a game plan that leverages the data in your books to help elevate your business to where you would like it to be.

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