Bookkeeping For Multiple Businesses At Once

Let’s talk about teeth.  I know what you’re thinking “Teeth?  You’re a bookkeeping expert, not a dentist!”

Yes, I am … but teeth are important to the point I’m going to make.  Nobody wakes up excited to go visit the dentist.  There’s always the fear, even when it’s just for a cleaning, that the dentist will find something that will descend into a tooth-pulling, drill-using afternoon of pain and suffering. As much as we hate managing one set of teeth, imagine if we had two?  Or three?  Or a dozen sets of teeth to manage all by ourselves? Just brushing them might be hard, but going to the dentist?  It could be terrible!

Now take those teeth and the dentist and replace them with bookkeeping and small businesses.

This Is The Truth!

Very few business owners want to manage their own books, and even fewer are qualified to actually do it.  Admittedly, bookkeeping and dentistry certainly seem to be related – a visit to either can be painful if you aren’t taking care of your teeth or your books. In the last two decades, the internet has made huge changes in how businesses operate – how they acquire customers, how they manage clients, and how the day-to-day operations of a small business can be managed. With faster transaction times and technology, we see many small business owners who own multiple businesses in the virtual world and are able to successfully manage them daily since they are internet-based.

For these entrepreneurs, though, it can be managing multiple sets of teeth, too.

Don't Let It Out of Control!

As difficult as handling the books for one business, multiply that times 3, or 4, or 5 and the can of worms that is bookkeeping just gets bigger and messier.

So how can you do it?

For starters, no matter who you have keeping your books, smart entrepreneurs with multiple businesses need to use an accounting software – preferably the one that their bookkeeper uses (which should be the one the accountant uses, too!) To successfully handle all your businesses, that software should allow you to itemize data directly in your software.  It goes without saying that all this data should be classified properly to avoid problems and the chart of accounts must be set up properly.  When you summarize reports, all your data must reconcile. 

 “Close enough” is never “close enough!”

Most Importantly

When all this data is organized, you need to be able to draw reliable conclusions from that data.  If you struggle with the interpretation, you might not make the critical moves that you need to – when you need to – and that can cost you money.

How can you do that? 

Be smart and get professional help.  No matter how big or small your business is, you need to have somebody on your team that can give you real business advice when it comes to analyzing your numbers.  The first person on that list?  Your bookkeeper.

That’s our real service here at BookkeepWithUs  – not entering numbers into ledgers, but understanding what the actual financial impact of each one of those numbers is.  Trending up?  Trending down?  Is there “extra” money somewhere that is not being accounted for?

No bookkeeping software can tell you that, but a professional can – a real, live, human being – just like you – that understands what it all means and how it impacts your business.

By: Chris Groote

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