Why Regular Bookkeeping…
Are you a business owner who does their bookkeeping once a quarter or once annually? If so, you are merely doing it to satisfy the tax authorities (ZIMRA) – an inefficient manual data entry exercise.
In our experience we often find that many business owners who do this are relying on their bank balance to monitor performance – if this is you, you are running your business blindfolded! The problem with relying on your bank balance is that it only gives you an estimate of your cash reserves at the time and not money owed from customers or owed to suppliers or your actual performance.
We recommend that bookkeeping is done on a daily basis and as Kreston Zimbabwe we can significantly streamline the bookkeeping process, giving business owners more time to focus on business performance and profitability.
Doing your bookkeeping on a daily basis means you will always know who owes you money, enabling you to run an efficient control system and improve cashflow. Not only will you run an efficient credit control system and improve cashflow. Not only will you reduce the risk of bad debts, you will also avoid any tax surprises such as an unexpected high VAT bill or income tax liability.
Daily bookkeeping gives you control of your business finances as well as giving you time back to focus on your passion. It also enables the business owner to look forward at the future cashflow so you can plan for what is going to happen in forthcoming months, instead of firefighting and reacting to unforeseen problems.
Your accountant needs to be aware of your financial position at all times – by doing your bookkeeping daily means that the source of information will be accurate and up-to-date.
One of the key elements to running a successful business is accurate daily bookkeeping – with our knowledge and expertise, we can help tailor your business to match your personal goals.