It’s no secret that we’re passionate about high-quality bookkeeping, and for a very good reason: your books are one of your best tools for understanding and managing your business. If your books are accurate, they can help you accelerate your business’s growth. Inaccurate books, however, can lead to costly business decisions based on incorrect financial data.
But what do we mean when we say “high-quality books,” and how do you know if you have them? Bookkeeping is complicated, and if you’re not familiar with the ins and outs, it can be hard to know the right questions to ask.
There’s no substitute for a professional evaluation, of course, but that takes time. If time is what you’re short on (and what business leader isn’t?), never fear: if you’ve got 5 minutes, we’ve got a quiz to get you started.
3-7 Good On the whole, your books are probably a solid source of information on your business, with a few areas that could be improved. You should be able to confidently use your books for tasks like understanding your cash position, though it never hurts to get a professional evaluation on where you could get even better.
8-11 Fair Your books are probably functional, but they’re missing important components that can help guide your business decisions. Make sure you aren’t making any common bookkeeping mistakes, and consider getting a pro to help identify problem spots.
12+ Needs Improvement Accurate, timely books are critical to managing your business – and unfortunately, you probably don’t have them. We recommend taking immediate action to improve your bookkeeping, whether it’s learning more about bookkeeping fundamentals or bringing in a professional to help.
If your score was lower than you wanted, hopefully you now have an idea of where to start to get things shipshape. And, as always, we’re here to answer your questions.
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