KPMG Spark Blog

Common Bookkeeping Problems for SMBs

Join us to learn how your bookkeeping may be holding back your business from functioning at its peak performance.

Business owners sometimes overlook bookkeeping because it can be a time consuming process that seems to never end. If your bookkeeping is not getting the time and consideration it needs, it may be time to reevaluate. When your books are not up to date, it’s possible that you could be missing out on opportunities to grow and improve your business. Here are five ways your bookkeeping might be keeping you from seeing more business success:

Bookkeeping Errors

When your bookkeeping isn’t given proper care and attention, it can lead to errors. These errors can cause you to have an inaccurate picture of how your company is performing, which can lead to poor business decisions. It can also cause problems when you go to file your taxes. Ensuring that your bookkeeping is up-to-date and accurate can prevent future problems and help your business run smoothly.

Lost Time

Inaccurate bookkeeping can take a tremendous amount of time and effort to fix. It can be frustrating as a business owner when you have to sift through your books trying to fix little mistakes. Your time is precious and should be spent doing more important things than fixing bookkeeping errors.

Tax Problems

Few people look forward to filing their taxes, but it becomes an even more difficult process when your books are inaccurate or outdated. Accurate and updated bookkeeping can make this process easier.

Fewer Decision-Making Opportunities

When your bookkeeping is correct and up-to-date, you can get an accurate picture of what your current financial statements look like. This will help you know how your products, services, and distribution channels are performing, as well as your overall business. With this information, you can make important decisions to help optimize your business and profits. These opportunities will likely not be as noticeable if your books are not up-to-date. Having up to date books can also help potential investors make better decisions about your business.

Missed Opportunities

Most business owners are looking for ways to improve their businesses. You keep an eye out for opportunities to expand and grow your company. Inaccurate bookkeeping can cause you to miss opportunities. If your revenues and expenses are not documented correctly, you may not realize that you have money to increase your marketing efforts, expand your product line, or hire a new employee. Accurate books can help make these opportunities easier to pursue.

Simplified Bookkeeping

At KPMG Spark, we want to help you manage your bookkeeping. We realize the impact that well-kept books can have on your business. This is why we offer a complete managed accounting system which provides you with a cloud-based software where you can find all your current financial information, automation technology using AI and machine learning that simplifies the process and saves time and money, and a real, human bookkeeper for you to contact. There are real benefits that come from managed accounting. Switching from the time consuming tasks associated with DIY software to managed accounting with KPMG Spark can help you achieve the business success you desire.

 

 

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

Aubry BlackOctober 5, 2021Posted In: Business Tips

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