Financial accountability in business is underrated by many entrepreneurs, especially small business owners, yet it’s one of the most important activities that could make or mar your business. Keeping a track record of sales, expenses, and profit would give you the true picture of how your business is doing.
Some entrepreneurs have the seemingly perfect excuses – they can’t afford to hire a professional accountant and they can’t keep a record by themselves because they are too busy with other aspects of the business. Frankly speaking, if you belong to this group, your business is heading for the rocks. Period!
Without good records, it is simply impossible to determine the financial condition or profitability of your business. Plus, you won’t get funding for your business. No financial institution would give you a loan or no investor would give you money without first asking for your books. They want to see if your business is profitable or would be profitable. They want to know if they’d be able to recoup their investment and more.
On this week’s episode of ‘the Afterwork show‘, we engaged Michael Ogunleti, a manager at PAMC, an international accounting firm based in Florida, US. He simplified bookkeeping for small business owners and gave insightful tips on how they can manage their financial records if hiring a professional is not feasible.
Watch the conversation below; and take notes.