Why Bookkeeping and Accounting is the heartbeat of your business

If you think bookkeeping is boring, you are probably right.

However, do you know what is worse than something that is boring?

Your business failing because you were not on top of your finances. Or even worse, losing money because you simply did not keep track of it.

This happened to Ben Brown. According to Tom J Law, in his article, Why Bookkeeping is Absolutely Essential for Financial Success, in Ecommerce Basics on 19 July 2018.

After launching his Shopify store, Ben received plenty of orders: “It started off good (at least, I thought so!) … It wasn’t until I sent off all the orders that I realized my mistake: I’d miscalculated the shipping cost.”

He worried shoppers might abandon their carts once they saw the post and packaging costs, so he offered free shipping on all of his products. “Once I’d paid my carrier for delivery, I actually lost money,” he says.

Thankfully Ben recovered. But wouldn’t you prefer to avoid disastrous situations like this in your business?

Effective bookkeeping and accounting remains the heartbeat of your business and you should never take your finger off the pulse.

With some basic bookkeeping and accounting knowledge, you can monitor how your business is performing, avoid mistakes, and make informed changes to improve it.

That is why the importance of bookkeeping and accounting in your Business' Financial Success, should never be underestimated.