Many business owners focus on earning more per hour, but overlook the importance of financial visibility and decision-making. Chris Worden discusses with Matt Priest, partner at Forester Boyd, why bookkeeping alone is not enough for business success.
- Prioritise high-value tasks over low-value admin
- Most owners have a visibility, not a numbers, problem
- Bookkeeping is not enough for growth
- Automate routine finance tasks
- Use finance as a decision engine, not just a record
- Delegate low-value tasks like bookkeeping
- Focus on activities that generate the most income
- Many business owners lack financial clarity
- Automation and better systems are key
- Finance should guide decisions, not just track history
Why Delegating Bookkeeping Makes Sense
If you can earn £80 an hour, it makes sense to pay someone £50-£60 an hour to handle your bookkeeping. This allows you to focus on higher-value work that grows your business.
The Real Problem: Visibility, Not Numbers
Chris Worden points out that most business owners don't have a numbers problem—they have a visibility problem. They're busy, the bank balance looks fine, and the accountant handles the year-end, but they still lack clarity on what's profitable and what isn't.
Bookkeeping Is Not Enough
Matt Priest, partner at Forester Boyd, stresses that bookkeeping alone won't drive business growth. Building better systems and automating routine finance tasks help directors use financial data proactively, not just as a rear-view mirror.
Aligning Business and Personal Goals
Matt Priest also highlights the importance of aligning business goals with personal goals. Profit matters, but so does work-life balance and long-term satisfaction.
Key Takeaways
- Delegate low-value tasks to focus on growth
- Improve financial visibility for better decisions
- Automate and systemise finance processes
- Align business and personal objectives
FAQs
- Why should I delegate bookkeeping?
- Delegating bookkeeping frees up your time for higher-value work and helps you focus on growing your business.
- What is a financial visibility problem?
- It means not knowing exactly what drives profit or loss, making it hard to make informed decisions.
- Is bookkeeping enough for business growth?
- No, you need better systems and automation to use financial data proactively.
- How can automation help my business finances?
- Automation reduces manual work, minimises errors, and gives you real-time insights for better decision-making.
- Why align business and personal goals?
- Aligning goals ensures your business supports your personal ambitions and work-life balance.
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