You, more than likely, didn’t start your business to stare at Quickbooks, reconcile receipts, or painstakingly track every expense down to the penny.
You started your business because you had a vision, you wanted to lead, and you wanted to create. Being an entrepreneur was the best vehicle for that.
And while your big picture thinking is critical to success, let’s not forget at the end of the day your business needs to make money. This part of the equation can be extremely difficult without solid bookkeeping and accounting systems. You can build teams and process all you want, but if your business doesn’t reliably generate profit, you won’t be playing this game very long.
While this concept is simple enough to understand... it's a lot harder to implement. Let’s not kid ourselves... tracking financial data really well and using it to make the right decisions requires great accounting infrastructure and the right person to do it diligently.
The good news is that person doesn’t need to be you. Your responsibility is to assemble the right people around you to get this done successfully.
The bad news is that a lot of bookkeepers can often be incompetent, unreliable, or straight-up shady. And as a busy business owner, it can be hard to find the true pros that ARE out there.
To shed some light on this thorny issue we brought Morgan Ray onto the show. Morgan is Managing Partner at Bookkeeping for Trades - a professional bookkeeping firm built exclusively for entrepreneurs in the Trades and Construction space.
Morgan’s firm has managed the accounting cycle for over 200 trades businesses helping them gain true financial clarity and increased margins. When it comes to bookkeeping for trades, she understands the needs of the market.
In this episode we unpack:
- Why bookkeeping is so frustrating for contractors and why you aren’t alone in thinking it is.
- The 2 kinds of bookkeeping and why 1 sucks and the other is pretty fun, but few contractors use it.
- What a good bookkeeper SHOULD be doing, and also what they SHOULDN’t be doing.
- The crucial security pieces every contractor needs to have in place to avoid fraud, embezzlement, or a nasty call from the taxman.
- What good bookkeeping FEELS like to you the business owner, and how to know when you’ve nailed it.
- The 3 traits you should be looking for when you hire a bookkeeper.