23
Mar

Just do the books yourself.

I’ve always had other people do my book-keeping for me. It’s been a task I’ve always hated to do. I was a big shot. An ideas guy. Why would I waste my HUGE brain for such a menial task?

After YEARS of other people doing it WRONG, doing it LATE, or not even doing it at all, I’ve given up.

Three years ago, I woke up and noticed I was 4 years behind and all the books were a disaster.

It turns out that it’s faster for me to do it myself, than it is to spend months nagging and complaining for somebody else to do it for me.

I don’t enjoy it more than I used to, but I’ve realized (the hard and expensive way) that proper record keeping, thorough accounting, and timely Tax Filings are crucial to running a solid business. It’s taken me 25+ years of business to get to this point.

Time and again, the books were screwed up. The numbers I was making business decisions were wrong. Nothing was filed on time.

I’m sometimes a SLOW LEARNER.

If you’re in business, or want to be, get your books under control. Know your numbers, and don’t let anybody else touch them. When you go see your Tax Professional, you should have it all ready for them.

You don’t need fancy or expensive software. Export your online banking into a spreadsheet and go.

Comments ( 5 )
  • jason says:

    Agree 100% I gain so much insight by doing the prelim books.

  • Sam says:

    OOPS! This is Miro, and I wasn’t clear when I wrote the above post. YES! YES! YES! get loan management software. It will make your life so much easier. I was talking about the bookkeeping on the other end. Expenses, taxes, etc. Good work calling me out when I get sloppy, or spacey.

  • Jimbo says:

    Get good loan management software to shed light on your loan business numbers. Lacking this, you’re just stumbling around in the dark.

    Your Manual gave me several to choose from. BIG DIFFERENCE after my use of Excel for so many years.

    • Sam says:

      Good point, Jimbo. Choosing LMS is critical to your success. So many issues to consider. Often, you must select a software pckg. that you can literally grow int. We wrote a whole chapter devoted to this topic.

  • Sam says:

    You should KNOW and understand your numbers, where they came from, and what they mean. You should know them better than anybody else in the whole world.

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