Daily Bookkeeping Makes all the Difference: Are You Hiring a Freelancer For It?
by Pankaj Kumar |October 26, 2017
For years many accounting firms have appreciated the power of daily bookkeeping and without a doubt, it is one of the most futile methods of managing your business funds. Daily bookkeeping simple means updating your books every single day. This can be tedious, since you need to make a daily routine of updating your books, and it might take time, and can lead you to spend long hours in the office. Hence, all you need to do is outsource this service to freelancers to work upon the data. It means that you get the work done even when you are sleeping. So the next day, when you wake up and have coffee, you know that you don't need to login into QuickBooks, or any other software, to do update the books. You need to login to see the task already done by your personal virtual assistant. Sounds good to me.
Here are a few pros of daily bookkeeping :
- Detailed Listing of Transactions : Less Errors
You can always remember the bill you paid while you took your client out on lunch, say 2 or 3 days ago, but what about a credit card transaction about the stationery your bought for the office, a couple of weeks ago? You cannot remember any specific detail about that. This is where daily bookkeeping can help. It can help in checking for errors in any transaction and hence leading to less errors or quick error detection in any transaction.
- Cash flow
Admit it, you want to have the ultimate control over cash flow and hence, you want to enjoy a glimpse into the future of a financially-strong organisation. Although, online transactions have their own benefit, offline mode of payments, i.e. cheques, demand drafts need to be taken into consideration. You don't want back date cheques to be inserted in to the system, because it will put the whole organisation into imbalance, of the amount is huge. Hence, cash flow can be maintained by daily updating the books. And you can outsource these services ti the best freelancer that you can find.
- Strong Forecasting
Use the information in the previous step to get a detailed view into the future of your financials by building out a financial forecast. Most small business owners use their bookkeeping system to look backwards at past performance. Sadly it is often too late to do anything when they do get accurate financial reports. What most small business owners fail to do is look forwards in the business.
- Ability to pivot
The ability to pivot in small business is crucial to the success of it. In order to pivot you need to have updated financials, a financial forecast, industry knowledge, and the ability to make high-level critical decisions quickly with confidence. Daily bookkeeping sets the foundation by giving you the most updated financial reports you can possibly have.
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