We recently decided that the half bath on the main floor of our home needed some new floors. So, like when we get any work done on the house I set about trying to find three companies to meet with and get quotes from. First thing I did? I searched Google of course. I chose what looked like the best company based on reviews and ratings, and that also had good information on their website. I then asked some business contacts for referrals. I got 2 more names from that. I then started doing additional research on these companies. So of course I went looking for their websites. What I found out was very interesting.
Proper bookkeeping is one of the most important tasks for a small business. The foundation of good accounting practices in your business is solid bookkeeping. You can learn a lot from your business transactions, but without bookkeeping you are flying blind. One of the most important things to being a successful entrepreneur is doing your homework. Bookkeeping is definitely homework. It is not fun or glamorous to do your books but it keeps your bills paid, saves you on taxes, and might even teach you a thing or two about your business.
In working with small business I have witnessed, helped with, and heard about many panic creating mistakes. Many of these self-induced problems can happen to any small business, such as fights among partners or not getting your biggest client to sign a sales contract, but there is one that comes up most and this problem can take down a small business faster than the others.
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