Question: I need to get a better handle on my finances. How important is it to have a good bookkeeper? — Reader-Submitted Question
Answer: If you’re like most landscape business owners, you probably got into this because you love working with your hands and spending time outdoors, not because you’re passionate about spreadsheets. I get it. But the financial side of your business is just as important. If you don’t have a reliable bookkeeper, you’re missing out on one of the most important tools for running a smooth, successful operation.
Let’s dive into why a good bookkeeper is worth their weight in gold.
1. Keeping your house in order.
A bookkeeper is your go-to person for keeping your finances organized. A skilled one makes sure your income, expenses, payroll and taxes are tracked accurately so nothing falls through the cracks. Without this, your financial picture can get messy fast, leading to missed opportunities and costly mistakes. Once I brought in a professional, it was a game-changer. The stress lifted, and I could focus on growing the business, knowing the finances were in capable hands.
2. Improving your cash flow.
Cash flow is the oxygen for your business, and it’s a common challenge for landscape businesses, especially if you manage your finances by simply monitoring your bank account. A reliable bookkeeper helps track your cash flow, ensuring you know exactly what’s coming in and going out. Having a clear handle on cash flow also helps you spot problems faster. These insights can help you adjust your pricing, set better payment terms or shift your focus to the areas that bring in the most revenue.
3. Tax season without the headaches.
Let’s face it — tax season is stressful, especially if your books aren’t in order. The last thing you want is to scramble to organize receipts, invoices and records. A good bookkeeper keeps you prepared year-round. They ensure your financials are up to date and work with your accountant to make sure everything is accurate. Not only does this save you the headache of trying to pull everything together yourself, but it also helps you avoid costly mistakes.
4. Making informed decisions with data.
Running a landscape business is all about decisions — when to hire, when to invest in new equipment or even when to expand. The best decisions aren’t based on guesswork; they’re backed by data. This is where a good bookkeeper really shines. Are you hitting your margins? Should you hire? Do you know how your departments are performing? With accurate financial data, you can make informed decisions that move your business forward without taking unnecessary risks.
5. More time to focus on what you do best.
Let’s be honest: bookkeeping is time-consuming. And you didn’t get into the business because you love data. If you’re handling the books, you’re not spending time growing your business. By bringing in a bookkeeper, you free up time to focus on areas where you truly add value, whether that’s meeting with clients, designing new projects, or leading your team.
So what should be your next steps? If you’re serious about getting a handle on your finances, hiring an expert bookkeeper is a must. They’re more than just number crunchers — they’re an essential part of your team, helping you grow your business. Whether you’re a small operation or a larger company, investing in quality bookkeeping will pay off in the long run.
If you are looking for someone local, ask for referrals from trusted partners and get plenty of references. The last thing you want is a disorganized bookkeeper with a history of job-hopping.
If you want to save time looking for expert support tailored to the landscape industry, McFarlin Stanford is here to help. We only work with landscapers, and we have industry data from other clients and ACE Peer Group members so you can truly see how you are performing compared to competitors and industry averages. We offer comprehensive bookkeeping services that can give you the peace of mind you need to focus on what matters most — running and growing your business.
Email us at info@mcfarlinstanford.com or call us at (214) 702-1955 and talk to one of our financial experts today.
<p>The post Ask McFarlin Stanford: How to master financial fundamentals first appeared on Landscape Management.</p>