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In 2015, I took over my father's laundromat business, eager to handle every aspect of the business myself.
I fired up a QuickBooks account and meticulously tracked every penny that came in and went out. I thought, "It's just a laundromat. How complicated could it be?”
I got my answer right away.
What started as a handful of transactions each month quickly ballooned into hundreds. The more the business grew, the more time I had to spend on bookkeeping. If I fell behind one month, I had twice as much work the next month.
The result?
An unstable cash flow and a blurry picture of our financial health.
I realized that falling behind on bookkeeping wasn't just a personal inconvenience. It was a threat to the growth of the business.
That's when Jessica said, “You need to hire a bookkeeper.”
Here's why:
- Time Management: I was spending too much time on bookkeeping and not enough on other important aspects of the business.
- Accuracy: I remember the sinking feeling when I discovered our POS system was making double entries in our accounting software. Despite my best efforts, there were some transactions I didn’t know how to reconcile or classify.
- Peace of Mind: The nagging feeling of “Did I do that right” or “Why didn’t those numbers match up” took up mental energy that could’ve been spent on other tasks.
- Expertise: A bookkeeper would have the expertise to provide valuable financial insights and manage our finances more effectively and efficiently than I could.
What is a Bookkeeper?
A bookkeeper is a professional who manages your business's finances. They handle general accounting ledgers, record journal entries, and generate financial statements. But more than that, they can provide valuable insights into your business's financial health, help manage cash flow, and assist with forecasting and planning.
The Benefits of Hiring a Bookkeeper
Hiring a bookkeeper greatly benefited our business. Here's how:
- Stabilized Cash Flow: Regular bookkeeping meant invoices went out on time, which stabilized our income.
- Clear Financial Picture: Regular financial statements gave us a clear picture of our financial health.
- Better Projections and Planning: A clear financial picture allows us to make better projections and plans for the future.
- Peace of Mind: Knowing our finances were in order gave me peace of mind.
- More Time: Instead of getting bogged down in the details of bookkeeping, I could focus on making better decisions and pursuing growth opportunities.
I can’t recommend hiring a bookkeeper enough – as long as you hire the right one.
Look for someone who not only has the skills to manage your finances but also understands our industry and can provide valuable insights into your financial health. Ask them how they can help you manage your cash flow, make better projections, and plan for the future.
Hiring a bookkeeper allows you to focus on and embrace growth rather than view it as a bookkeeping burden.
That's all I got for today.
Waleed
✌️🏴☠️
P.S. Thinking about going to the Laundry CEO Forum and haven't gotten your ticket yet. Let's chat, waleed@washweekly.com
Thinking about, the thinking of laundry
From the thoughts of the management consultant, educator, and author, Peter Drucker
Entrepreneurs believe that profit is what matters most in a new enterprise. But profit is secondary. Cash flow matters most.
