Bookkeeping: The Entrepreneurial Buzzkill
Most entrepreneurs are visionaries. We have the ability to see the ‘big picture’ and make things work when we need to. We’re resourceful, creative, and motivated. But when it comes to the details, many of us come crashing down to earth with a resounding thud.
One of the greatest Achilles heels of small businesses is bookkeeping. In order for you to do it right, bookkeeping must be done on a daily basis. But very few people actually enjoy bean counting.
The fact remains; it is a necessity for any business – large or small – to keep basic accounting of daily transactions. Even if you have someone who helps you with your bookkeeping, tax preparation, or other filings, as a business owner you are required to have a basic working knowledge of the principles of bookkeeping so that you can maintain a process for keeping track of your income and expenses and audit the reports you are given by your accountant.
Thankfully, there are now more resources than ever that a business owner can access right from their computer. You can learn the basic techniques of bookkeeping, or brush up on your existing knowledge using these helpful (and free) internet articles and tutorials:
Top 10 Bookkeeping Mistakes Made By Small Businesses
http://www.allbusiness.com/accounting/methods-standards/4016-1.html
An informative article that can help you spot red flags in your small business bookkeeping methods.
How to Hire a Bookkeeper
http://www.bookkeeperlist.com/bookkeepers.shtml
This article will help you identify a bookkeeper that is professional, proficient, honest, and trustworthy.
SCORE Basic Bookkeeping Tips
http://www.score.org/fc_10.html
Simple but useful article from non-profit organization dedicated to helping small businesses start up.
Betts Best Bookkeeping Blog
http://www.bettsbestbookkeeping.com/
Bookkeeping Basics Blog
http://www.bookkeeping-basics.net/bookkeeping-blog.html
Beancounter Bookkeeping Web Tutorial
http://www.dwmbeancounter.com/tutorial/Tutorial.html
Free Bookkeeping Course
http://www.bookkeeping-course.com/
Remember, as a business owner, you are ultimately responsible for any mismanagement of your finances or tax filings. You have to know what is going on at all times. Successful businessmen have found themselves in court—or in jail—because they trusted the wrong person, or simply didn’t pay close enough attention to what was happening with their finances.
For all the work you put into your small business, it would be a shame to lose it because you aren’t willing (or able) to manage your basic bookkeeping.
