The following suggestions could apply to any person who loves their business but hates finances.
1. Consult a financial adviser, an accountant or a CPA experienced with small companies.
2. During the meeting, work out ways you can hand over some of the financial details to a bookkeeper, who likely will be less expensive than a CPA for day-to-day activities.
3. Taking in a business partner more skilled and willing to handle the financial aspects of the business can take pressure off a people-person owner.
4. Delegating some of the financial activities to employees can relieve pressure.
5. Taking classes in bookkeeping can boost a business owner to a new level of financial ability.
Photo by djshaw .
Catherine Lawson on September 23rd, 2006 at 10:04 am
Great advice - but even if you do get a book-keeper in, get some guidelines from your accountant, so that you will know how to check that she is doing her job properly. I didn’t do this initially, and it got me into a lot of trouble.