09 Mar 10 Bookkeeping Mistakes That Can Bankrupt a Startup
As small business owners, we don’t have any delusions about why our businesses exist. When all is said and done, it all comes down to dollars and cents. A business with a great corporate culture and flourishing sales numbers will fail if it can’t balance its books.
John Rampton from Intuit QuickBooks has written an excellent piece on the 10 accounting mistakes that can sink a business. He writes that with the right planning and the right tools, you can avoid the pitfalls of cutting essential costs just to catch up with your bottom line.
“Accounting is not just a tool for entering financial data in order to fulfill state and federal tax regulations or tell you how much money is in the bank,” he writes. “Instead, accounting is a powerful mechanism that provides answers to questions related to how a business owner’s strategic decisions are working or not working.”
By taking simple measures to buy quality software and draw clear lines in your budget, your small business will dodge the accounting bullet.