Bookkeeping 101

What is bookkeeping… and why is it so important?

 

Did you know there are only two words in the English language where three times in a row there are double-letters? Bookkeeping and bookkeeper. That is NOT why bookkeeping is so important!

To quote Peter Frampton, a well renowned expert accounting nerd teacher, “If you can’t explain the basics of accounting by drawing with a stick on the ground, then you are making it too complicated”.

So here goes my attempt!

Does that make sense?

Bookkeeping is just the first step in turning all the information you need to run and understand your business from raw data to something intelligent that can enable you to make well-judged decisions.

Therefore, to be clear, bookkeeping (capturing the relevant data to enhance decision making) is so important because without the information it provides, you are just guessing and hoping for success. And as we know, hope is not a business strategy!

There are a plethora of modern and old-fashioned tools that can be used to capture this data, and PB&F would love to talk with you to make sure you’re getting all the intelligence your business requires to ensure it’s long-term success and prosperity. Give the team a call today, we love improving your data capture techniques!

 

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