You’re a small business owner running a small boutique. Like many, you’re juggling multiple tasks throughout the day, from managing inventory and sales to handling customer inquiries and social media. With all these responsibilities you haven’t been dedicating time to keeping track of your income and expenses regularly.
At first, it might not seem like a big deal. But soon enough, you’re noticing that you’re struggling to understand your business’s financial health. You’re not sure which products are selling the best, which suppliers are the most cost-effective, or which expenses are eating up your profits.
As a result, you’re finding it challenging to make informed decisions about your business. You don’t know where to invest more money, and you’re hesitant to take risks that could potentially grow your business.
The problem is really evident when tax season comes around. You realize that you’ve lost track of your business expenses, and you’re not sure if you’ve missed out on any potential tax deductions. Filing your taxes becomes a daunting task, and you’re worried about making mistakes that could lead to fines or legal issues.
The problem keeps growing because now you need to apply for a business loan to expand your business, but you don’t have organized financial records to show lenders. You’re afraid you might not qualify for the funding you need to grow your business!
In the end, poor record-keeping practices are hurting your business’s financial standing. You’re losing money, missing out on opportunities, and struggling to grow your business.
Get the help you need. Learn more about Entrepreneur Works’ Business Financial Technical Assistance Program for small business owners like you to receive up to 12 hours of 1-on-1 consulting with a professional accountant or bookkeeper. To grow your business you have to know your business!
Click here to get started today!