Keep up with your books – and allocate your time properly.

Written by Marc on April 21st, 2007

With tax time in Canada looming (just nine days till the deadline) I have been sitting here working on my books.  The work has gone smoothly but it did give me some good advice – keep up with your accounting to keep track of your business efforts.

Looking over my books I can see some winners and some losers in my organization (I am talking businesses here… 🙂  ).  If I had kept up with my books last year, I would have known what winners to keep and which one’s to sell.

For those of you that don’t have the time or don’t like accounting (I know it is not for everyone…), hire a bookkeeper.  For a modest fee, they can do the keypunching while you can work on building your business.  Don’t forget to hire an accountant to check over the work done by your bookkeeper.  This ensures that the reports that you are using to help build your business with are accurate.

With the information that your books give you allocate your time accordingly.  If a business, property, or website under your control is not performing as it should, get rid of it, or figure out a way to make it perform better.  The more recent your accounting records, the better choices you can make.  So keep up with your bookkeeping – increase focus your time, and increase your profits.

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