2 Million Dollar Bills

As regular followers of my blog will be aware, my goal is to make 2 million dollars. I plan on achieving my goal through a variety of online and real world business opportunities, which I shall be launching in Barbados in about 5 weeks time. I feel a very important aspect of business, which is often overlooked by many entrepreneurs, is the accounting and bookkeeping side of things.

Bookkeeping and accounting were never my favourite subjects at college, nor were they something, which I was particularly good at. I remember one comment, which my accounts lecturer made, is that I had a talent for cooking the books, because of the way I wrongly added something up.

As my move to Barbados gets closer I realise I need to get a grasp on how I’m going to manage the financial side of my businesses. Without a proper bookkeeping and accounts system in place, you are asking for disaster. How can you possible know what your profits or even losses are?

I know for certain that there are thousands of online business people that haven’t even got a basic bookkeeping system in place. They have made the mistake of being too concerned with how they are going to make money and what they are doing to make it.

As much as I personally hate accounting I’m forcing myself to relearn basic bookkeeping and accounting skills, because I realise how important they are to me as a businessman. By learning how to expertly manage the financial side of my business, I’m taking control of my own destiny.

It is vitally important that every business owner learns at least the basics of accounts and bookkeeping. By doing so you will be in a position to keep up to date financial records of your business. When you run a business you need to know what, where, and when to take corrective actions, this requires business information. You will get this information by keeping accurate and current records about your business.

For me as a businessman I want to know what is financially happening with my business on a daily basis, not whenever I visit my accountant. I wonder how many shortsighted business people have been fleeced by their accountant or their bookkeeper?

Accounting and bookkeeping isn’t something that entrepreneurs should learn, but something that must be learned.

For a good basic introduction to accounts and bookkeeping read the following article Basic Accounting & Bookkeeping Are Skills You Should Have - A Short Lesson

Bookmark It

Hide Sites