One of the things that you could do to help you both save money but also make money is to hire an accountant either on a salaried position or as a freelance accountant. Many business owners think that an accountant can only be used to sort through your transactions to work out how much you owe for tax purposes, but they can also be used for financial planning via budgeting. While financial planners and advisors are perfect if you are looking for a way to invest your personal money if its within 7+ digits, an accountant is a great way to find the budget you need in your business account.
The truth is, accountants can find where in your business you are losing substantial funds. Whether it’s through costs that are too high, lost income or costs that you were not budgeted for or even ways that you could distribute funds from one aspect of your business to another. If this is something that you haven’t considered yet, then you can contact an accountant to find out more information.
I would recommend a consultation with an accountant if you haven’t had one yet. Even if you do not decide to use their services, it’s always smart to see the services that they can provide you and what they may be able to do for you. Sometimes they will be willing to do a quick overlook of your accounts (mainly the summarized incomings and outgoings) and a brief top-down overlook.
Otherwise, I would consider taking your own accounting more seriously if you are the one who does the companies accounting. While I would always recommend hiring a professional, it’s entirely possible to be able to learn some of the skills that accountants have garnered and begin your journey to finding out how you can use your books and accounting more effectively. This is something every business owner should learn more of!