Tax time is usually the time when most small business owners think about their bookkeeping system. All year they have been collecting receipts in a drawer and it isn't until about a month before the tax accountant calls that they think... "Uh oh, I have to get my books in order so I can get my taxes done!" This is also the time of year when I'm asked to help someone set up a system for the bookkeeping and help them organize their work because they don't want to "go through this again next year".
Core Future Growth Blog
What is Bookkeeping?
- Bookkeeping is the recording of daily transactions that follow a defined process in a cyclical manner. Bookkeeping is broken down into parts such as Accounts Payable, Accounts Receivable and Payroll. Think of bookkeeping as the foundation of your financial data.
I’ve been thinking about all the noise and distractions we have in our lives and I have begun to question how much do we REALLY need? One thing I did for myself was to cancel a few magazine subscriptions that I never make the time to read. I say “make” the time, because if I was truly interested in the content, I’d make the time. (I read a good portion of my day, every day). I then started to wonder how I could apply the concept of eliminating noise from my business, when I realized that in the capacity of a CFO For Hire, it’s what I do naturally for my clients.