Bookkeeping may not be the most glamorous part of running a business, but it’s one of the most important. You won’t have an accurate account to track your spending and income without proper bookkeeping. 

This means that you could take advantage of opportunities for growth or overlook potential financial problems in your business. But despite its importance, many entrepreneurs put off learning bookkeeping basics until something goes wrong. 

In this episode of Profit First For Tradies, we talk about the importance of bookkeeping for your business. Bookkeeping is an essential part of any business, regardless of its size. Without it, businesses can quickly find themselves overwhelmed and unable to keep up with the expenses associated with running a business. 

Every successful business starts with proper financial planning, and the cornerstone of steady cash flow is sound bookkeeping. Keeping track of all the money going in and out isn't just important for managing your day-to-day operations–it's vital information when it comes to making long-term plans or investing. 

In this episode of the Profit First for Tradies, you’ll learn the following:

• The frustration of many trade businesses (01:28)
• Why you need to have a bookkeeping system (03:03)
• Job management system vs. receipt management system (03:50)
• The importance of knowing what part of bookkeeping annoys you 05:15)
• Why you should update your bookkeeping system regularly (06:16)
• Who is included in a financial team, and why is it important to have one (09:02)

Bookkeeping for your business is something few entrepreneurs look forward to because of how tedious it can be. However, when done right, it's an essential part of any successful business and can help you stay organised while understanding exactly where your finances stand. Listen to this episode now to know more!
If you haven’t listened to our previous episode The Bank Accounts You Need to Implement Profit First in Your Business, go back and check out Episode 002. 

QUOTES

“If all the systems are linked and talking to each other properly, it makes that job a breeze.” -Katie Crismale-Marshall

“If the thought of reviewing your bookkeeping doesn't bring you very much joy and makes you want to cringe and run away, then that's a good indication that it might be time to reach out.” -Katie Crismale-Marshall
CONNECT WITH KATIE CRISMALE-MARSHALL

• Website: https://www.profitfirstfortradies.com.au/ 
• YouTube: https://www.youtube.com/@profitfirstfortradies9503/featured  
• Facebook: https://www.facebook.com/ProfitFirstforTradies/    

Do you find yourself stressed about cash flow, despite having a profitable business? Over the years I’ve seen how the lack of cash flow can slowly destroy tradies and their businesses. 

Join us on the Profit First for Tradies podcast, as we explore the struggles of paying bills and keeping cash flow flowing smoothly. I share my own experiences and how I found the solution to my financial struggles with the Profit First system.

Listen in as tradies share their stories and discuss strategies and tips for managing cash flow and achieving true profitability in your business.

Growing a successful trades business isn’t about you being the best on the tools.

It’s about how you Profit, Plan, Prepare and Prosper, so you can create a business that supports you and your family.