Does Your Business Need a Financial Checkup

Does Your Business Need a Financial Checkup?

When was the last time you went to the doctor for a checkup? Maybe it’s also time for your business to have a financial checkup!

As you get older (and wiser), you start to realize the wisdom of taking care of yourself. You eat better, start exercising, and pay more attention to your overall health. This can include heading to the doctor for regular checkups, as nerve-wracking as they can be. Sometimes, getting a checkup can make the difference between illness and a thriving life!

In many ways, this is similar to how you should be running your small business. Just because things look like they’re going well doesn’t mean there can’t be something on the horizon that could negatively impact your success. That’s why you must regularly give your business a financial “checkup” to confirm everything is “healthy!” There are a few ways you can go about this.

Using a Bookkeeper

Having a bookkeeper take care of your business’ finances is a little bit like wearing a smartwatch with health monitoring features. It will constantly keep you informed about how your body is doing, reporting your heart rate, amount of exercise, health goals, and more.

When you are working with a professional bookkeeper, they will be keeping an eye on every financial aspect of your business. Your profits, expenses, income, invoices- everything will be monitored by a professional who will make sure they are properly accounted for.

If you don’t currently have a bookkeeper, you could also hire one to do a one-time check through all of your financials to get a better idea of how your business is currently doing. This is very similar to heading to the doctor for a checkup. You might walk away having discovered that you’re in excellent health. Or you could find something that needs to be addressed immediately. Either way, a health checkup will leave you with peace of mind, as will financial checkups for your business.

Using QuickBooks Online

Going through all of your finances used to be a time-consuming experience, especially if everything wasn’t fully organized. You’d need to go through individual invoices, bills, and much more to check up on your business’s health. But that’s not the case anymore!

If you use a comprehensive online accounting program, such as QuickBooks Online, all of your financial information will be “accounted for” at a glance! Rather than needing to dig through records, all of your financial info will be right there, ready for you to go through.

Even better, you won’t need to keep an eye on it every day. QuickBooks Online can automatically generate financial reports that give you a quick checkup on your business. You can set these to be created at regular intervals (we’d usually recommend weekly to keep fully informed). And if you find that you don’t have time to go through these reports, we’d be happy to take over the financial monitoring of your business for you!

Cloud-Based Features

Online checkups with doctors are becoming increasingly common because you can do them anywhere, at any time. You don’t need to take off an entire afternoon to head into the doctor’s office. Instead, you simply sit down at your computer (or on your phone or tablet) and get the attention you need.

Thanks to cloud-based features in QuickBooks Online, you get the same level of convenience when you are checking up on your business. You can access your information from anywhere you have an internet connection. Even better, it offers 128-bit SSL encryption with multi-factor authentication to ensure your financial information’s security. As a bonus, all of your information is stored in the cloud, so you never need to worry that your financial data could be stolen if you lose one of your devices.

Flexible Pricing for “Checkups”

Thankfully, something that we (for the most part) avoid in Canada is insane fees for everyday medical expenses like checkups. Fortunately, there is something similar in place for QuickBooks Online!

QBO offers three pricing packages to suit you and your business, so you don’t need to pay more than necessary for your financial checkups. The EasyStart package gives you the basics, and can be a perfect entry point if you’ve never used online accounting before. The best part is that if you decide that you need more features, you can upgrade at any time without being under contract. If you aren’t sure if you need the Essential or Plus packages for the size of your business, we’d be delighted to help you figure it out!

QuickBooks Online is one of the best ways to keep fully informed about the health of your business. If you aren’t sure how to get started using it, we invite you to contact The Number Works today. We can get you up-to-date with all of QBO’s features in no time. This will give you the tools and knowledge you need to make sure your business’ finances are the pinnacle of good health!

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