Why do you do accounting?

What’s In This Episode:

How do you handle the operations in your business? HR, IT, accounting... all of the foundational things. Isn't accounting the most fun part? 

"Accounting helps you answer questions that you might have about your business." - Brad

Even if you hate accounting, it provides value to you in your business. Some business owners hire accountants, and some do it themselves. But if you're not understanding cash flow or other accounting principles like an income statement, you might constantly worry where the money might be coming from or wonder whether you can afford what you want to buy. A good bookkeeper should go over an income statement, cash, and receivables once a month to make sure that you're on the same page.

"I have such an aversion to the word 'accounting' that every time you say it, it hurts." - Jill

There are also indicators of future revenue in your business, and you can figure it out by organizing your budget. Some business owners run their business blindly, but if you figure out your budget and pay attention to feedback and results, you can tweak it with a little help from data and a spreadsheet.

Do you do the accounting in your business or other operational items?

Sponsor:

If you’re a manager or business owner, chances are you juggle many HR tasks and are trying to keep up with the ever-changing employment laws. HR 101 from ComplyRight is a free online training program that will give you a solid understanding of employment law so you can handle typical workplace issues like a pro. The six courses include General Legal Obligation for Employers, Recruiting and Hiring, Classifying Workers Correctly, Managing Your Employees, Preventing Workplace Harassment and Discipline and Termination. Explore ComplyRight’s free courses at www.complyright.com/courses.