Mind your own bees wax

Written on 15 March, 2013 by Karen Lim-Sam
Categories Accounting & FinanceReach AccountingTags accountingaccounting software

There is a common misconception in business that doing something manually without external help is more cost effective than getting someone else to do it for you. There are many distractions facing business owners today and unless they focus on the areas that bring in the greatest return they are in danger of misusing their scarce resources in areas where they are not adding value.

Being part of the Jim's Franchise Group means we get to see how 34 different business models operate, from mowing to fencing, Pest Control to Building Maintenance, Computer Services to Dog wash and even Home Removals to Bookkeeping. The lesson learnt by each of these franchise owners is that the customer is the main focus and other activities such as bookkeeping can be a distraction which can be  performed more efficiently by others or utilising a third party software.

The good news is, with todays advance technology you can now find a balance between DIY and outsourcing. There are now many DIY accounting softwares in the marketing that will allow you to save money and time on your bookkeeping.

So if you owned a bee keeping business you should mind your bee's wax rather than your bookkeeping.

But as the owner you still need to be aware of how your business is going and what key elements you need to keep your eye on. This information is now readily available through Web based Accounting programs such as Reach Accounting, which for less than $15 a month can provide you with information on how much money is in the bank, how much you are owed (Debtors) and how much you owe (Creditors).

Reach Accounting will even email you a summary to keep you aware of how your business is going.  Being an effective business owner is a matter of appropriate focus on the things that will maximise profit and give access to up-to-date information about your business.

Bookkeeping Commentary by John Birse – Owner of Jim’s Bookkeeping and Fellow with Institute of Certified Bookkeepers.

John Birse, CEO of Jim's Bookkeeping, wrote this article for Netregistry. John is actively involved in developing the bookkeeping industry through his involvement as a Directory of the Institute of Certified Bookkeepers.

Reach Accounting is a hosted application that gives a small business owner the tools to manage their bookkeeping and payroll services, saving significantly on bookkeeping fees and internal costs. Get a free 30 day trial today.