If you interviewed business owners of failed businesses, a majority will tell you that they didn't understand or feel comfortable dealing with the "book work". Your ability to understand and perform day to day accounting tasks in your small business is a critical success factor. Here are some tips to help you avoid the most common mistakes business owners make.
Top 10 Record Keeping Mistakes Business Owners Make
1. Not having a record keeping system set up (the shoebox approach)
2. Procrastinating on invoicing customers
3. Sticking checks in a drawer and forgetting to deposit them
4. Not tracking carefully which customers have paid
5. Not tracking invoices that are overdue
6. Not following up to make sure overdue invoices get paid
7. Putting "book work" at the bottom of priority list
8. Sloppiness-not recording checks, recording the wrong amount, etc.
9. Abdicating all responsibility-"I have 'people' to handle that."
10. Creating an embezzlement friendly atmosphere-"I have 'people' to handle that whom I trust completely."
How to Do It the Right Way So You Only Have to Do It Once
? Set up an accounting system that works for you
? If you don't have accounting experience get help from an expert
? Schedule time each day or week to take care of "book work"
? Don't procrastinate or move it to the bottom of the pile
? If you outsource or hire an employee to perform tasks, follow up to make sure things are happening as they should
The way you handle record keeping in your business helps to determine whether you have a healthy cash flow or you're always on the edge of financial disaster.
Caroline Jordan is a small business mentor and consultant helping small business owners understand, diagnose, and improve cash flow in their businesses. For more information and resources to improve cash flow visit http://www.thejordanresult.com/mastering.html.
Wood Dale Chicago prom limo .. Lockport Chicago limo O’HareThe FTC Franchise Rule maybe changed, as the Federal trade... Read More
To get approval for your small business loan application, you... Read More
A reader of one of my online sessions asked should... Read More
Small business owners often enter their field with great expectations.... Read More
Self-cleaning glass has been talked about a lot, with such... Read More
There are both fixed and mobile detailers. Consumers often will... Read More
If you run a pressure washer business you need complete... Read More
Large corporations use employee manuals to both educate employees about... Read More
Your product is dying. With the same inevitability that we... Read More
There is significant competition in auto detailing and car washing.... Read More
American small business is again in transition. Many employees, now... Read More
Are you responsible for your results?What comes to mind when... Read More
How do you sponsor an event and get personal introductions... Read More
Franchising has made the world look really small. The well... Read More
Get maximum results with minimum effort. Sounds great doesn't it?... Read More
The current lack of industry leaders represents an exceptional opportunity... Read More
Completion not Perfection Five Keys To Doubling Your Productivity and... Read More
How do window cleaning franchise businesses start? It is a... Read More
You're pretty proud of yourself! After all, only four months... Read More
Are you a motivational speaker who consistently gets rave reviews... Read More
What does it take to grow a business and run... Read More
One of the greatest pitfalls in e-commerce is Field of... Read More
You have spent considerable time pulling your business plan together,... Read More
When working properly, computers enable small businesses to make big... Read More
How to identify future solutions and opportunities?Your power page, if... Read More
Antigo wedding limo ..No matter your age or station in life, we all... Read More
If you run a pressure washing company in a rural... Read More
Most businesses accept checks as form of payment for goods... Read More
Everything starts with a business plan: If you don't have... Read More
Do you spend every waking minute in your business? Do... Read More
The way you manage your money is one of the... Read More
Your business account comes with an ATM, Debit card. Pick... Read More
Think the best way to get more customers is to... Read More
When is the Chamber ideal for your business?Joining a Chamber... Read More
If you are a small business and qualify to participate... Read More
Over regulation of small business is so intense it is... Read More
The revenue history is a vital piece of your power... Read More
In a perfect world, starting a small business would be... Read More
Motivational author and speaker Jim Rohn says that for a... Read More
"The way to develop self-confidence is to do the thing... Read More
We're birds of a feather, public relations and small business.... Read More
Sometimes when you run a business you feel as lonely... Read More
We are noticing an increase in the length of time... Read More
I love lists. I make them for everything. And I'm... Read More
Cash is King... That is what everyone tells us and... Read More
Sometimes the simple businesses are the ones, which make good... Read More
The key to organizational focus and helping those who need... Read More
It's the dream of every person who starts a business... Read More
Auto Detailing: Maintaining A Commercial Carpet ExtractorYou should drain your... Read More
Ok, so next to the taxman, your company payroll department... Read More
Small Business |