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Solid accounting offers several benefits, including helping you get funding from investors and lenders and comply with your tax filing obligations. But it can also help you reach your goals. How? By giving you peace of mind.

Pursing your business goals is tough when you’re worried about budgets, unexpected tax bills, and other business problems. But when you clear the fog of anxiety and worry, you have the energy to innovate, make necessary changes, and take advantage of new opportunities. 

Here’s how organized accounting practices can offer that peace of mind.

You see real-time results of your efforts

When you organize transactions into a useful chart of accounts and stay on top of your accounting each month, you know exactly where your business finances stand at all times. This helps you see how new strategies and initiatives impact your bottom line.

For example, say you invest in a new piece of equipment that will increase production while decreasing overhead costs. Did the investment pay off? Are you really getting the returns you expected? You don’t have to wait for the end of the quarter or year to see results with organized accounting practices. Instead, you see how they affect your numbers in real-time.

You can make your business goals a priority

It’s easy to say you want to expand your team, increase sales, or streamline your technology and processes to be more efficient. But are you putting your money where your mouth is?

Growth often requires investment. You may need to hire new people, expand your marketing efforts, or invest in new technology to make it happen. But if you aren’t budgeting for those investments, they tend to get lost among your other daily activities.

Organized accounting can help you budget for the investment needed to reach your goal. You don’t have to wonder where the money will come from or hope you have something left over at the end of the month. You can allocate the necessary funding.

You can motivate employees

The saying, “What gets measured gets done,” is never truer than when measuring employee performance

When you have solid accounting and tie employee bonuses and promotions to trackable metrics, your team is incentivized to improve performance and productivity and work toward the company’s strategic goals. 

You don’t need to put off your business goals until “someday”

“Someday I want to open a second location.” “Someday I want to hire a CFO/COO/Business Development Manager.” “Someday I want to add a new product line.”

Someday isn’t a date on the calendar, and it’s tough to work toward a goal without a timeline. But can you afford to open a second location, expand your team, or launch a new product? And if you do, how much additional revenue will it bring in?

Organized accounting helps you know when you’re ready to take the next step. You don’t have to guess or hope that someday will arrive — your numbers will tell you when the time is right.

You can anticipate the tough times

Every business faces a cash crunch from time to time. For example, an important customer takes a little longer to pay than usual, or you need a quick infusion of cash to take advantage of an unexpected opportunity. Suddenly you have trouble covering payroll of paying other bills.

With sound accounting procedures, cash flow shortages can be short-lived and anticipated. You’ll have a running cash flow projection that tells you how much money you can expect to flow into and out of your business each month. Then you can predict the months in which you might come up short and take steps to plan. Maybe you save more in the abundant months or set up a line of credit with your bank. Either way, you’ll sleep easier at night knowing a slow-paying customer or unexpected expenses won’t compromise growth or put your business in jeopardy.

You can fail fast

Most business owners talk about being innovative, but few really are. This is because innovation involves failure, and many leaders have a tough time embracing the need to “fail fast, fail often, fail forward.”

Organized accounting helps you try something new, get fast feedback, rapidly adapt to that feedback, or kill the initiative before losing more money on a failed concept. Without it, it’s difficult, if not impossible, to collect and analyze data for actionable insights.

When you start to embrace the idea that innovation involves failure and start learning from failures and failing fast, you’ll start celebrating failure as progress because you know you’ll do better on your next attempt.

Disorganized accounting can weigh heavily on your mind as a business owner. Put the time, effort, and energy into developing organized accounting practices so your numbers aren’t keeping you up at night. When your business finances are handled, you’ll find your mind more at ease, and you’ll be able to focus on other elements of growing your business.

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How Organized Accounting Practices Help You Pursue Your Business Goals

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