MCG Canada

Bookkeeping is important for helping you maintain accurate financial records. Yet, many businesses fail to implement this integral process. In fact, poor accounting is one of the top reasons why businesses fail. Without bookkeeping or accounting, you are blindly driving your business. 1. A budget creates a financial roadmap for your business. With a budget, you can plan for future expenses and anticipate resources that would cover those expenses. ... 2. Bookkeeping is a tool used by management to analyze business performance. It gives you information on which business lines are working or not working. This type of analysis allows you to focus on your company’s strengths and improve its weaknesses. 3. In order to make the best decisions possible, you need to have access to all available information. How can you expect to make profitable decisions without financial information to back it up? 4. By accumulating data for months and years, you can observe trends, and gain a greater understanding of your business cycles, allowing you to track growth. Without tracking profitability, you will not know how well (or not so well) you’re doing. 5. Bookkeeping improves cash flow. As a business, you want to ensure that your customer invoices are being paid in a timely manner. Bookkeeping helps track relevant data that can be used to implement better cash flow policies. Read more on our website, link in bio. @ Richmond Hill, Ontario

A great blog written by the Millennial Capital Group team.