What Is the First Thing I Need to Do to Get My Books Up to Date?
About this episode
Maybe you’re worried about hiring the wrong bookkeeper. Maybe the books just keep sliding to the bottom of the list while you’re busy with crews, sales and customers. Either way, not knowing your numbers could be costing you profit you don’t even know about.
In this episode, Kerry talks about the most common reasons home service owners put off getting their books in order, why that’s completely understandable, and why the first step is simply getting the right professional on your side.
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Key takeaways from this episode
- Fear of hiring the wrong bookkeeper is valid: QuickBooks looks easier than it is.
- You’re a business owner, not an accounting expert, and that’s okay.
- Outsourcing to a reputable, accurate firm lets you focus on crews and sales.
- Good bookkeeping is a partnership: you’ll still be involved and review your numbers.
- Knowing your numbers matters now, and even more if you plan to sell one day.
- The longer you leave your books, the harder it gets to catch up.
Show notes
What’s stopping you from knowing your numbers?
Kerry asks what’s holding owners back from getting an up-to-date P&L and balance sheet every month. One common reason is fear of hiring the wrong person. After 12 years in business, Abacus has cleaned up plenty of books from bookkeepers who made mistakes.
Why bookkeeping is harder than it looks
QuickBooks makes bookkeeping look simple, but every transaction has debits and credits behind it. Understanding what happens behind the screen is what makes the numbers trustworthy.
When the books aren’t a priority
Many owners are focused on sales, marketing and keeping crews busy, and figure money in the bank means things are fine. Kerry explains why that’s understandable, and why outsourcing to a trustworthy firm lets you keep that focus while still knowing your numbers.
A partnership, not a hand-off
Good bookkeeping always needs some input from you. You should be involved, reviewing your numbers with your bookkeeper and understanding what’s going on in your business.
Take the first step
Whether it’s setting up, cleaning up or taking over your QuickBooks, the first step is hiring the right help, especially if yo