Bookkeeping and Networking
The marriage between Bookkeeping and Networking is a very interesting combination. Bookkeeping is so important for your business and Networking is just as important for your marketing.
If you have a business or work for yourself, you will know how necessary it is to have your books up to date so you can see how your business is going. It is no good to arrive at the Accountants at the end of the financial year only to find out that you actually went bankrupted 3 months ago. Oh Dear!
It is so important to know what your Gross Profit is. ( Your Income less your Cost of Sales) and to measure what you need to do to increase this profit. You need to be able to see where your money is going and monitor where you need to make changes.
Each month you need to run your reports to keep a close eye on your accounts.
The reports you need:-
Balance Sheet
Profit & Loss
Trial Balance
Payroll Activity Report
Cash Flow Analysis
It is no good looking at your Profit & Loss without taking into account your Balance Sheet. The liabilities on your Balance Sheet need to be taken from your profit to give you realistic view of your business.
So where does the Networking come in, not only it is life skill but it is such a very important business skill. Networking will keep your client base ever increasing and keep the clients that you already have. Repeat clients is such an important thing with your marketing, it takes so much more work to get new clients so the longer you can keep your current clients the better.
I will bring you posts on different ways to help you with your Bookkeeping and to use Networking to build your business and increase your market place.
All the best with your business and join our Newsletter for more hints on Bookkeeping and Networking.