One of the most common things that entrepreneurs do is “wing it” when it comes to finances.
If you don’t know where money is coming and going in your business… you could go OUT of business!
Hi. I’m Bryan Toder, The No Fear Guy, and I learned this lesson a long time ago: If you don’t know where your money is coming from or going to…
…you could be in for a few surprises!
One of the top reasons business go under is undercapitalization or poor cash flow. Yes, if you aren’t making sales or you are on a spending spree, your cash flow WILL be poor.
But it surprises many business owners, after they actually get a handle on where their money is going… where there money IS going!
I have a friend who is in a real business and all of his accounting is on paper. He “jots” things down whenever he can. He brings in a GREAT income… and, he’s always broke.
Most people tell me that they are actually AFRAID of looking at their finances! Don’t you find that interesting?
In my business, I use a program called AccountEdge (QuickBooks is great, too) and I know where everything is.
Just as I was putting this video together, my CPA (Do you have a CPA? If not… get one!) called me and asked me for my Payroll Report for last month.
Did I need to scramble through files? Did I need to crunch numbers?
No! I opened up the computer and popped out a report. Then, I sent it to him. Easy-peasy!
So, first thing… get a good accounting program. They work on Macs and PCs. They are so easy to set up these days and once it’s done… it’s done!
And, every year when I’ve closed out the year, I know how much I’ve made and where it went.
And, I sleep easy at night because of it!
What accounting challenges do YOU have? Put them in the comment box below and we’ll see you next week on Fearless Friday at The No Fear Zone!
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