Become better at accounting to hyper-drive your business…

accurate accounting image
Most people don’t like accounting – “boring”, “costly”, “tedious; nowhere near as sexy as marketing and sales!”

Unfortunately problems arise from neglected accounting!
Here are just two examples:

  • Lack of accurate information can lead to fatal errors.
    If your accounting isn’t accurate and/or you don’t really know how your business is doing, or going; you are making uninformed (and therefore risky) decisions. You have a responsibility to yourself, your employees, customers, and investors to present an accurate picture of your business.
  • Misrepresentations, even when unintentional, never lead to good outcomes. Business relationships are built on trust – your suppliers, and staff, need to know they will be paid on time. You need to deliver you goods and services on time to your customers. Some business owners mislead themselves, through a mix of hope and lack of understanding, into making accounting errors, and letting accounting errors go un-fixed.  When these WRONG numbers are provided to external parties, it leads at best to a lack of credibility; and at worst to legal implications.

Many business owners assume their accounting is accurate BECAUSE they rely on a trusted bookkeeper, CFO or accounting manager. This assumption doesn’t help when issues occur
– as YOU own the business; YOU are injured by any mistakes!
Instead, have an open-mind to improvement – whilst you don’t need to know every tax rule, or accrual regulation, being able to notice early warning signals and asking relevant questions of your finance staff can go a long way towards heading off trouble.
Most business owner, executives and even directors do not want to dedicate the mental energy to learn basic accounting concepts (even though they are easy and result in so much extra power). 

Have you avoided learning accounting and how has that hurt you?

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