Do your business accounts scare you just a little bit?
Or a lot?
Trust me you are not alone.
The number of times I have seen people literally shudder when asked about their business financials. I came to realise years ago that it doesn’t come as easy to some people as it does to me. But then I also see some of you out there who are perfectly capable but seem to have a real block with it.
So what’s the deal?
I can tell you this; if you think your accounts are in a bad way, I’ve probably seen worse. Hopefully that make you feel a little bit better.
With a long background in accounting and business accounting systems (in fact I’m still active as a Xero, MYOB and Reckon consultant) I have seen a lot of business accounts over the years.
Unfortunately what I often find is people who are embarrassed at their lack of knowledge in this area and at the perceived mess that they’ve got themselves into. This can stop them from seeking help which is totally unnecessary. There are a number of professionals out there who are eager to help you tidy it all up and give you the skills to better manage it yourself going forward, or bookkeepers who will gladly take it off your hands and manage it all for you.
What I’d like you to understand is that business accounting is not all about taxes and GST. There is a heap of useful business information to be gleaned from your financial reports and this is information that should be available to you every, single business day.
When I’m coaching I will always want to know what the numbers of the business are saying. I help you to understand them for yourself. I also look to see if you’re doing things in the most efficient way and if your business systems are set up well to give you the business information that you need in order to make informed business decisions.
Then we set some KPI’s, financial and otherwise, and we track those from week to week. It’s amazing the difference this one thing can make to a business and to keeping you on track towards your goals.
This stuff is so valuable!
Don’t be scared OK? Don’t be embarrassed. They’re just numbers.