Last Thursday night the Greater Birmingham Chambers of Commerce, Sutton Coldfield, Lichfield and Tamworth New Year Dinner and Awards 2017 took place. Inform Accounting were delighted to be one of the three businesses shortlisted for the Sutton Coldfield Business of the Year Award (sponsored by Power Minerals).
Hiring an accountant is widely considered best practice for small business owners. But delegating financial analysis and reporting doesn't mean completely checking out of the process each month or quarter.
"Outsource your weaknesses." So says start-up guru, Sujan Patel, when advising small business owners to get outside help for tasks like payroll and bookkeeping. And when you consider that 70% of businesses fail due to poor in-house financial management, Patel's advice seems spot on.
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals.