Like a lot of mums across the world you have decided to start your own venture and it is exciting and fun. But a business, whether it is small or big, requires to take into consideration certain basic business processes such as bookkeeping and accounting. If you thought that since you worked from home and may have turned an interest into a job your business does not require bookkeeping, think again.
There are many reasons that mumpreneurs need to take bookkeeping and accounting seriously and not take each job as it comes.
Bookkeeping gives you a clear idea of the cash flow in the business and the state of its finances. If you need to make some crucial business decisions, including whether you need to alter the products and services you are offering, then bookkeeping is the first step in gaining such knowledge.
Of course for tax purposes it is essential that your bookkeeping is up to date so that you don’t have to pay more tax than you need to. Also bookkeeping reduces the work for your accountant and also the fees you would be paying him or her.
Bookkeeping is also essential when you decide to sell your business or are being audited.
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