The 9 Deadly Small Business Accounting Sins…& How You Can Avoid ThemWayne Burgan
Businesses are successful for one fundamental reason. It rarely, if ever, is about luck or talent or how much money they started with. And it certainly is not dependent on knowing some ‘secret’ others don’t. Sure, you must have a good product or service and a bit of common sense. But after spending over 30 years all up as a qualified accountant, it is clear to me that business success comes to those who have their ‘house’ in order. Simple. And certainly not a ‘secret’.
The single biggest reason small businesses fall over, get mired in problem after problem or do not produce the profits they should, comes down to owners not understanding the ‘numbers’ side of their business.
Small businesses that have an accounting system for keeping updated accurate records should understand they are in the best position. They are able to plan and quickly respond to changing circumstances – be it in the market, with employees, suppliers, creditors, debtors or legislation.
Success is about doing the basics right. Having a system that is simple and easy to use, puts businesses of all sizes, from single owner/operators to larger companies with dozens of staff and multiple locations, in the prime position to deliver success.
So how do YOU go with keeping simple to use, easy to access, up to date records in your business?
If your business isn’t where you want it to be either financially or in terms of efficiency, perhaps a few of the fundamentals are not in place.
That’s why I have put together ‘the 9 deadly sins’ all Australian small businesses should avoid if they want an efficient and successful business.
Stay tuned for Deadly Sin #1 coming very soon to the Cashflow Manager blog!