Tips for New Business Owners – Your Accouting System

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By now, we’ve all heard of the Great Resignation. If you’re one of those folks that took part, and more specifically if you’re one of those folks that took part and launched your own business, congratulations, and today we’re continuing on our series for new business owners.

The thing I want to offer you today, and I know some of you are not gonna want to hear this but you need to, is that you need a real accounting system. This is not a box of receipts, not a notebook, not even an Excel spreadsheet, a real grown-up professional accounting system. I know there’s a lot of resistance around this but as your business grows the analysis that you can do and the history that you have will be invaluable to making good business decisions.

I know sometimes cost is an issue. If cost is an issue, there are free products that will do this for you granted they are not as good as the paid ones, but they do do the trick. And if this suggestion makes you feel uncomfortable because it sounds hard or overwhelming or scary, get help! You can get help having someone set it up and teach you how to use it and I would actually highly recommend this because getting started correctly is going to make it so much easier in the long run, or if you want more help you can hire a bookkeeper and they’re not terribly expensive.

If you need a referral I have two wonderful companies that I work with all the time that I am happy to introduce you to. And if you’re one of those new business owners, subscribe to my playlist (https://www.youtube.com/playlist?list=PLOg1moPYQKRzJR8KAaqWj_LtT8kVD4Zbm) with tips just for you the new business owner and I’ll be back next week with a Fiscal Fitness Tip of the Week This is Judi Otton from GrowthCast I’ll see you soon. Bye