Archive - 10/10/2014

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Financial Understanding starts with the Chart of Accounts

Financial Understanding starts with the Chart of Accounts

We are about to discuss accounting matters.
Hey, don’t click past, it really is important!
Well yes, a little boring too, but sometimes you need to get into the detail of the boring to get the information you need in order to do all the glamorous stuff like building a vibrant business. In fact often you need to get into details to make sure your product or service delivers its promise. Think of a mechanic – no point creating a culture of caring for the customer if your mechanics fail to bleed the brake valves every time. Or a lawyer who’s innovative and really digs deep for the client – not proofreading and the typos will get him every time.
So, one of the crucial (boring) details in any business is the accounting. You can hire a tax accountant at the end of the year; you can hire a once a week book-keeper; you can even employ a full time accounts-person and buy an expensive accounting software system; but the decision about some detail must lie with you and while you should take some of their advice, you need to decide on some key elements of your books.

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