Does the saying ” I don’t need a bookkeeper; I know all my customers and who owes me from memory” sound familiar? Yeah, right unless you’re Superman.
Month in and out you struggle, you make a lot of sales, oh so you thought because the numbers do not add up, plus there is your vendors or suppliers or partners, and they surely keep book on what you owe them, but hey you work from memory and don’t need a bookkeeper.
Then there is your stock or inventory, that you thought you’re getting at a good price for the quality, but it turned out, your profit margin is too low, and does not include deliveries and no insurance on it not to forget you have not increased your prices in a while, during various of economic changes, such as increase in inflation, increase in petrol or gas just to name a few. All this is happening yet you don’t need a bookkeeper, you work from memory.
Every month, you wonder what I am missing? What am I doing wrong? I thought we had a good month? According to your memory all your customers paid you? I mean who is going to call you and say “you forgot to come and fetch your money for goods sold or services rendered” Everyone is looking for a freebie. Do freebies exist?
Then there are the consumer trends that are changing at a rapid rate and you are still old school, bold move. The world is running on technology like an oiled machine but you feel what worked five years ago will still work in an ever-changing, high demand, competitive environment. No wonder you feel like Superman.
Now let’s get back to the bookkeeping part of your business. You don’t need a separate bank account for your business, because you know from memory what money relates to your business and what is personal money. Then you spend money that you don’t have because you thought you had a good month, lots of sales and many of your customers promised by word of mouth they will pay you at the end of the month. Some did request an invoice but you said don’t worry I got a good memory I know who owes me will not forget. Yeah, right unless you’re Superman.
We at Biznezz Hub Consultancy provide bookkeeping, accounting and business management services. We understand the needs of small business, that is why we provide easily accessible bookkeeping, accounting and business management services. We tailor our services to each client’s small business needs. Watch out for your Vol5 Newsletter coming in February 2023
You can contact us on our social media pages or carmenarnols9@gmail.com or sales@biznezzhub.com.
Biznezz Hub Consultancy 