And once you have the answers to these questions you can ask yourself, what profits can you expect to make if you continue to trade as you are now? Or, if you are projecting a loss, what can be done now to change things, before it is too late?
These are just some of the questions that you will be asking on a day to day basis or, if it's not you, then it will be your banker or your financial advisor.
Keeping up to date and meaningful records is vital if you are to manage your business effectively and efficiently.
An accurate and reliable bookkeeping system is, or at least should be, the foundation upon which all your important business decisions are based.
And Business Support will tailor its service to meet your needs.
Some clients are happy to send their paperwork in to us once a quarter when, as well as writing-up their books, we also prepare their VAT Returns and some want us to visit their premises and work on site.
Others want to do the bookkeeping themselves but require advice as to what records they should keep followed by some training.
But whatever your needs we will always recommend the simplest system (although one that will still give you the information you need to run your business). Our philosophy is to simplify, rather than complicate, bookkeeping!
Don't install accounts software if spreadsheets will suffice but, conversely, don't get bogged down in manual double-entry bookkeeping when use of powerful 'off-the-shelf' software would be more efficient.
Many businesses will see bookkeeping as a necessary evil but at Business Support we, not unnaturally, stress the positives that come from accurate and up to date records - problems are highlighted immediately they arise and timely decisions can then be taken to solve them, and good records will mean your accountant will spend less time preparing your accounts and that, in turn, will mean lower charges.
Apart from the peace of mind it offers, outsourcing your bookkeeping also makes commercial sense.
How can you afford not to do it?