From the course: Finance Essentials for Small Business

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Record keeping

Record keeping

From the course: Finance Essentials for Small Business

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Record keeping

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- Let's now turn our attention to the next area where new business owners tend to drop the ball. That is the area of poor record-keeping. Most new business owners hate to worry about the record-keeping. They would rather worry about customers and sales and innovation and growth and everything other than record-keeping. You need to track your inflows and outflows of cash so that you can forecast future cash flows. When I graduated from college with a degree in accounting oh, so many years ago, I naively assumed that businesses existed so that accountants could account for them. Accounting was the center of my universe at the time and I incorrectly assumed it was the center of everyone else's universe as well. I couldn't have been more wrong. I quickly learned that while proper record-keeping and adequate internal controls were essential to the successful running of a business, those features were not the business. You…

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