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Businesses may operate adequately for years with a bookkeeper. Yet as the business grows, business owners may need more financial information to help guide their companies. Bookkeepers are good at daily transactional work, yet, often fall short on the ability to report meaningful financial data and analysis. Four signs your business has outgrown your bookkeeper:
- Untimely monthly financial statements
- Lack of financial “dashboard” indicators
- Poor forecasting and budgeting
- Revenues are up, yet profits are down
If you are experiencing any of these symptoms, ask yourself how is the lack of relevant financial data affecting your profitability? What information do you need, but aren’t getting? Is it time to elevate the financial talent in your company?