For many insurance agency owners, bookkeeping is a cumbersome task that has to be endured rather than understood. Paying the bills as they come in and hoping there’s enough cash in the bank to cover outstanding obligations is often the order of the day when it comes to daily bookkeeping tasks. Many small-business agency owners find themselves so absorbed by the daily operations of their companies that they may overlook critical financial information that could help them plan a much more solid future for themselves and their agencies. Neglecting to take the time to understand basic financials can be disastrous for your agency and to your financial well-being. If you’ve been putting off learning about your business’ finances because it just seems too daunting, here are five simple solutions to try so you can have all the support and help you need:
Ask your accountant for guidance
Hire a coach to learn about accounting or to learn a software system like Quicken
Hire a part-time or freelance bookkeeper (not nearly as costly as running your business blindly)
Ask a colleague for help
Find your local S.C.O.R.E. or SBA office and ask about programs they may offer
Pick one, pick two – just take that first step. Make this a top priority for your agency to ensure a stronger financial future. At the American Agents Alliance, we can help you set and achieve new goals. Learn how by visiting our website today.