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Bookkeeping Katalyst Cloud and business services

Concrete reasons to take bookkeeping seriously

First hand experience in trade businesses

Over the years I have learnt a lot working for various companies in the trade industry.  From receptionist to bookkeeper, I’ve witnessed the change from paper-based to paper-less accounting which is a big deal for most ‘old school fellas’.  The one thing that has stood out the most to me working alongside trades people, is the casual and laid-back approach they have to bookkeeping.

Why good bookkeeping matters

There are many great reasons to keep your books in tip top shape, some are important for your business to help earn money, some are to keep you out of trouble.

Your business is a path to a better life

Income and sales

Let’s face it, you didn’t start a business to work for free.  With good, regular bookkeeping, you can see how much have you invoiced, who your best clients are and where your profitable work is coming from.  You can easily spot when you need to increase your margins and you can quickly chase clients who are late paying you.

Expenses

Keeping your financial records in order allows you to track how much you are spending and where.  Is there a better deal, can you spend less and keep more?

Cashflow and profit

All this leads to better profit so you can keep more money in your pocket, and better cashflow so you can make that wages payment this week – I have come across this one often.

Level up your business

If you want to get serious and grow your business or make it more profitable, you can enlist the services of a business coach.  They will want you to set some targets and track your progress and good bookkeeping makes this possible.

Be prepared for tax time

In New Zealand we have a largely trust based tax system – IRD are relying on you to provide the correct information at tax time to ensure everyone is paying their fair share of tax.  Paying fair taxes enables the government to fund essential services like healthcare, education, and infrastructure, which in turn supports community welfare and economic stability.
And you guessed it, the only way to provide this information is by keeping your financial records up to date.  If you do this on a regular basis, less time and effort is spent working it out come tax time.

Bank funding for your business

If you’re in a bind and want to borrow money from the bank, then being on top of your bookkeeping gives you a head start in getting a loan.  Any bank will want to access your financial records, and having nice tidy records will show they bank you are financially responsible and that their money is secure with you, and because you’re so organised you will be all set to go.

How Katalyst can help with your bookkeeping

I’m one of the team here at Katalyst and we help businesses in many ways – from simply managing your payroll or filing GST, right up to daily bookkeeping – reconciling your bank, chasing client payments, capturing job costs and entering bills.
Contact us now to see how we can help your business.
By Daveena Smith
Bookkeeper at Katalyst
Bookkeeper at Katalyst Cloud and Business Services