A few things to consider about your business and where a Professional Bookkeeper might be able to help…..
Pricing your product so that you make a profit and not just break-even or, even worse, lose money is very important. For example, did you remember to factor in your liability insurance, loan payments, or other prepaid expenses when you set your price? Having a bookkeeper track your monthly overhead expenses can be helpful when you are determining your product or service price.
Your bookkeeper can show where your greatest profits or biggest losses are occurring in your business. This is determined by using job costing. Are you taking on too many jobs that aren’t profitable? Let a professional bookkeeper show you which jobs are profitable and which are just not worth your time by pin pointing those factors that can make or break a deal!
Trends are a big part of business. Watch your market trends so you can plan ahead. Maybe it’s smart to have a sale during a slow period. If you’re attentive, you can head off problems before they affect your bottom line. Great ways to track these trends are by running monthly comparison Profit/ Loss reports. If every year in June, business slows down, start promoting your sale in May!
These are just a few ways a Professional Bookkeeper can assist with your numbers. Next month we will talk about reading your financial statements and the importance of knowing the difference between a balance sheet, profit loss report and a trial balance! Stay tuned….