The time has finally come. You’re ready to expand your small business. After a while of managing with just one location, you’re now able to open your second one with much personal fanfare. And while you’re excited, it’s necessary to tread carefully.
Why? There are a lot of details to process and things to take into consideration. Whether you want to manage both locations through one bank account, change staff management structure (especially if your employees are spread out between two cities or even different states) or invest in new communication technology, the costs can add up quickly and there are more financials to track.
No matter your specific needs, having the right bookkeeping setup for your multiple business locations will go a long way in giving you the financials and analysis you require to make informed decisions to avoid unnecessary growing pains and missteps.
USING BOOKKEEPING TO AVOID PITFALLS
When expansion is the logical next step in a business strategy, the goal is to maximize profits. But if handled incorrectly, expansion could cost you. While there’s no surefire solution that removes all risk, having the right data, and access to it in real-time, allows you to optimize your small company’s finances to help identify when you’re making good or bad decisions, and when it may be time to change strategy.
For example, having current books can help identify whether your second location is underperforming. Also, bookkeeping doesn’t have to be for a business as a whole, it can be customized to segment out locations and revenue streams, making it easy to make side-by-side comparisons.
DO I NEED A BOOKKEEPER IF I HAVE QUICKBOOKS?
With enough time and financial savvy, having QuickBooks may be enough for some small business owners. But for an extra level of financial expertise and support, Corneliuson & Associates offers three cloud-based QuickBooks packages — Start-Up, Core and Complete — to help manage bookkeeping, payroll, bill paying, taxes and more. From reconciling bank and credit card accounts monthly to handling monthly financial reports, the packages outlined above allow small business owners to leverage the best of QuickBooks and outsourced bookkeeping in one simple service that’s tailored to their specific needs.
For business owners looking for even more financial expertise or the need to address complex transactions, a good bookkeeper is invaluable. A bookkeeper can manage accounts for multiple businesses or locations handling:
- Budgeting and financial planning, tracking goals and moving financial resources based on performance and forecasting for each location’s needs.
- Record keeping that tracks growth trajectory
- Detailed analysis to compare data between business locations in an effort to assist decision-making, target areas of improvement and identify trends.
- Accuracy and compliance, which can save a business owner a lot of time, effort and even money. With up-to-date books and compliant tax records, financial headaches can be avoided while you focus on growing your business.
BOOKKEEPING FOR MULTIPLE BUSINESSES SIMPLIFIED
The pros of good, professional financial management for small businesses are myriad, but every business has different needs and even a different budget. For personalized support, access to deep expertise and troubleshooting skills, regulatory compliance, and freeing up time constraints, Minneapolis-based Corneliuson & Associates has a custom bookkeeping solution that can be tailored to your business. Contact us to book a free consultation.