November 20, 2014
Aside from the “two sets of books” scenario that provides the fodder for tabloid headlines and old movies, I tend to think of bookkeeping as, well, mundane (apologies to bookkeepers nationwide as well as to my own, Debbie, who’s a real firecracker). Not something sexy, just something that has to get done. Like brushing your teeth or doing the laundry. Ho hum. But Lynnea Bylund’s May Intelligence Report made me think differently about it. (Lynnea happens to be co-chair of the President’s Small Business Advisory Council.) Just look at the legal (and other) problems that can emerge because of lack of proper bookkeeping: Losing income because you haven’t kept track of who hasn’t paid you. Not qualifying for a business loan because you have nonexistent or insufficient financial statements. Over-paying taxes due to overlooked deductions. Not being able to sell your business because you have no measure of what the business is worth. Losing sleep from stress and anxiety. Setting prices at a level that you think is profitable, but actually isn’t. Getting into trouble…
Continue ReadingDid you ever lose a client when you thought you’d done nothing wrong? Sure, you can understand it if you completely muck up an assignment. But sometimes, it’s the breach of “micro-commitments” that turns a…
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