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03: Stop Ignoring Your Bookkeeping
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Ask your current bookkeeper this critical question — Can you please let me know what I need to do to make sure that when I look at my Xero dashboard, my invoices are correct, my bills are correct, and my reconciliation is no more than seven days? The answer you get will reveal if you should stick with them or if it’s time to equip your business with a better financial team.
In this episode of Profit First For Tradies, Katie Crismale-Marshall stresses the critical importance of having proper bookkeeping practices in place for financial success. She shares that in her experience working with tradespeople, those struggling financially inevitably have bookkeeping issues, such as unpaid invoices, unknown bills, unreconciled bank transactions, and disconnects between job management systems and accounting software.
Katie explains that, just like a house that requires a strong foundation, your business relies on solid bookkeeping to prevent constant financial headaches. She advises listeners to take a quick assessment of their Xero dashboard to identify potential problems. Key indicators to check are the accuracy of open invoices, bills owed, and bank reconciliation within 7 days.
If anything seems off, Katie urges reaching out to your bookkeeper or accountant to get clarity on what specific actions are needed to clean things up. Your financial team must be competent in supporting your evolving needs.
In this episode of the Profit First for Tradies, you’ll learn the following:
- Why proper bookkeeping matters in your business (00:13)
- How to utilise your Xero dashboard or any other bookkeeping system you may be using (01:04)
- Some things you can do to ensure your bookkeeping is correct (03:25)
- Katie’s action points for listeners (08:10)
Remember, listening without implementation will not drive change, so taking the necessary steps and implementing change, when necessary, are the solutions for anyone currently losing sleep over their business finances.
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