The principles of accounting have existed since the days of Mesopotamia. In fact, according to historian John Steele Gordan, humans likely began to write simply because they wanted to track their money. Those early primitive methods worked for several thousand years, but it wasn’t until the 15th century, when an Italian monk invented double-entry bookkeeping, that it became possible to more quickly discover errors and to take gobs of raw numbers and paint a full financial picture of one’s assets.
Accounting opened up a whole new world for investors
Double-entry bookkeeping made it possible for people to begin investing in businesses far and wide because they could actually track how their investments were performing. In fact, King Ferdinand and Queen Isabella had such devout belief in the value of accounting, that they sent an accountant along with Christopher Columbus on his first voyage. While other members of that voyage probably lobbied to add an extra sailor or deck hand instead of an accountant, the King and Queen wanted to be sure they got paid, and an accountant could make that happen.
Solid accounting and reporting is more important than ever
Fast forward to 2015, and accounting is critical, especially for small business owners who need to stretch every penny. Proper accounting and clear reporting allows you to make sense of your data in a systematic way so that you can make smart decisions—decisions that will decrease losses and prevent fraud, while increasing your overall revenues.
Bottom line: With poor accounting practices and sloppy bookkeeping, you can’t evaluate the health of your business. And if you can’t do that, you can’t ensure the success of your business.
A service that can take your business to the next level
Like many small business owners and entrepreneurs, a lack of time may make you less than diligent when it comes to tracking your finances. Additionally, hiring a full-time in-house accountant or working with a CPA firm might not be within your budget. Still, you can’t afford to botch your bookkeeping. You simply cannot dismiss the importance of proper accounting and clear reporting for the value of data visibility and accountability it brings to your business.
Connect with CoEfficient Services today. An industry leader in providing accounting and finance outsourcing to small businesses, CoEfficient can help you get your financials in order, at a price you can afford. Contact us today so that you can start focusing on growth, rather than managing those pesky accounting problems.