Amazon customers wait for the two or more days a year when their membership garners big discounts. “Wait” is the key word here—people can postpone items they need or want until the price becomes more reasonable.
I’ve often heard small business owners over the years say, “I can’t afford to pay for bookkeeping or accounting services right now. I’ll have to wait until I grow or have more revenue or (fill in the blank)” But when it comes to knowing your financial numbers, there’s no waiting, and you actually can wind up paying much more in the long run for not taking this most important step.
Here are some of the top reasons you cannot wait to keep your company’s financial books in order:
· Tax Compliance -You have to know your current numbers to pay sales, payroll, state, and government taxes on a timely basis
· Cash flow 101 - You have to enter and bill your customers on time to get them to actually pay YOU on time
· Cash flow 101.2 – you need to know how much money (expenses) you are shelling out to know how much you need to cover
· Financial Recording - You must record all your financial transactions in a timely manner in order to take advantage of opportunities – just think PPP, ERC (Employee Retention Credit), and how many companies did NOT have timely financial statements – a lot of folks were SOL
· Business Analysis - You need to track your profit and loss to gauge how your business is doing and correct courses on expenditures and take advantage of opportunities
So, no waiting around for Business Prime Day, get on the right financial path before it truly costs you a lot more!