Accounting For Success
Who does the accounts in your business? I am worried it might be you! Do you have the time, the aptitude, the enthusiasm, the acumen? You’ve got choices then, havent you? Either get good at it, or get someone else to do it. Let me point you in the right direction.
Of course it goes without saying that having a good system for controlling the finances in your business is paramount. Do you know how much money you have in the bank with which to work? Do you know what you owe and who owes you so you can plan your cashflow. Do you understand the difference between cashflow and profitability? If you’ve made all that profit, where is it?
Do you want to know the answers to these questions and feel the ease of control at your fingertips?
Much has been talked about delegating this task to another. Delegating is good, but abdicating is not. You will still have to work with your accountant to provide them with timely information and learn to understand what they give you back. If they are not happy to teach you or gifted at translating “accountant-speak” to a language you understand, change your accountant. One way or another you must work with someone who is helpful, as excited about your business as you are and a team player who deals in plain English.
If you care about your business being successful, I urge you to make it a priority to get this first system in place. It will be enlightening and liberating, in more ways than one. We can talk about other good systems as tyour business progresses.
A client I taught to use Sage in his own businesses let me know how much he loves it. You could become one of those, or you could be contracting with someone else who loves Sage (or any other accounting package, for that matter) and can use it to provide really useful and exciting, powerful management reports for you.
Knowledge is power. This knowledge applied in your business will turn it into a Business to Love, one which provides you with more profit in less time. Want one of those? Who doesn’t?
