By Leslie West
Keeping the books for business is a challenging job. Oftentimes, you as the owner or operator postpone entering the days receipts till after closing. A lot of the time its not your, the owner/operators, best strength. I know for myself that doing the books and keeping things organized is right up there with going to the dentist for a root canal. Even if you have great software like QuickBooks or MYOB (Mind Your Own business), you still have to be organized and very careful about your expenses and record keeping. You might want to consider doing a couple of things. First, accounting software does require a little knowledge to operate it efficiently. The smart move might be to get some formal training in basic accounting so that you can do a great job. Trying to save some cash on your start up project can easily frustrate the budding entrepreneur. There are lots of online courses that can help you learn the accounting software and procedures to build good habit patterns.
Second, a smarter move may be to hire out the bookkeeping and you to continue running your business. By letting the headache fall upon someone who enjoys this type of work you will be free to manage and build your business. Even if you hire or outsource it out, you need to be familiar with the basics of how the accounting system works for your business. Analyzing your profit and loss statement can be very informative. There are a lot of online references and a bunch of books written on the subject. Take the time to get familiar with them and make them a normal part of your work week. You may want to get daily reports to determine your profit or loss daily. With luck you may have healthy profits and need the counsel of a good tax adviser.