Surveys show staying on top of the numbers is the entrepreneurs’ least favorite part about having a business. Since I’m posting this around Valentine’s Day, I’m going to explain the problems and solutions in terms we all can understand: dating!
In a recent study survey 60% of entrepreneurs said bookkeeping and accounting were their least favorite task.
Shedding a little "love" on the situation
And since Valentine’s Day is just a few days away, I want to spread a little love for my subject matter.
I’ve discovered that…
Accounting headaches are caused by the same mistakes we make on the dating scene.
Love it or hate it, the dating scene is a sometimes uncomfortable situation most of us can relate to!
So in this post, I’m going to help you identify and avoid the accounting traps. And if you’ve broken up completely, get you and your numbers back together again.
1. You haven’t met yet. (Unfamiliarity)
I get it. Taking that closer look at your financial situation can be scary.
But as with any relationship, SOMEONE HAS TO MAKE THE FIRST MOVE, and that means Y-O-U.
Business terminology can be like a foreign language, and once we become adults, we’re just expected to know the financial answers, and buy financial products and sign documents we don’t understand.
The not knowing these basics brings struggle to so many. It’s why I founded The Money Doctor® – to fill in those knowledge gaps. So if you need the help, just say “hello.” We don’t bite! 😆
You know those couples you see that should have ended things waay long ago?
That describes perfectly the “junk” accounting systems you just keep putting more data into.
It’s never going to give you what you want (ease and simplicity) or need (good reporting), but you think: “it’s too much work to change.”
You fight – with the menus. When you spend time together (with your system), it’s awkward and uncomfortable. You’re just not on the same page – literally because you can never get anything printed!
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It’s all a great struggle. And that’s why you hate your bookkeeping. It’s not that you can’t do it. IT JUST ISN’T A FIT.
3. You’re not “all in.” (Escapism)
This last one is for the online daters out there who sign up and think magically “things” are going to happen with them sitting on the sidelines.
Yes, I’m describing the outsourcers who pay the bookkeepers, accountants, CPAs, business managers and whatever else fancy names they are called, without any follow up or checking in, or requirement that they followup with you.
- What do the reports they send mean and how can you improve?
- What’s behind the tax bills that are growing each year?
- Where’s the draft of the taxes for review before filing?
Outsourcing is intended to take the stress off of you, but doing it this way is still stressful because in the back of the mind you’re wondering. You hope things are getting done, but honestly, you’re just not sure.
So the whole subject you’d rather not talk about or hear about, but instead just let someone else handle it. The problem with that is, if something gets filed incorrectly (or not at all) you’re still responsible for it.
Let's work on your relationship with your numbers
I don’t expect you to love bookkeeping and accounting. And if you’ve been burned in the past, I totally understand why you may hate that part of your business.
But what if we could change that?
What if you could feel more confident and in control, like “I can do this?”
Meet Charlotte:
Sure, outsourcing your accounting can be a smart move as your business grows, but in the beginning you may find it difficult to stay in the loop, not to mention pricey if you’re hiring a CPA.
Our ABC Accounting Setup gives you ownership and control of your system, but allows us to have access as the experts and for CPA support on the back end.
We think it’s the best of both worlds. What do think? Ready to give it a try? Click the image to learn more.
