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Accounting

Filed in archive Entrepreneurship by Shawn Hessinger on May 13, 2007

Accounting
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Before you've sold your first product to your first customer on what exactly will you seek advice from the accountant you retain? The revenues projected in a well thought out business plan?

The trouble with this reasoning is that it presumes you already know your business model and can tell site unseen what you will likely bring in weekly, monthly, annually. Those who know the answers to these questions, of course, are not startup entrepreneurs and are usually basing their knowledge on historical information or a situation so similar that it can be assumed to be identical.

Are you buying an existing business with years of performance history behind it? Only then does this approach make sense for you.

I also stand on my own response to another commenter on the same post:

...On the subject of accounting, by the way, I disagree with you wholeheartedly. In fact, the accountant I referred to who suggested I buy the program did so because he handled so many other accounts that he did not want to have to bother with mine. Of course, he wanted me to pay him a fee anyway. I'd suggest that if you take the money you save using a computer program and pay for a family member's training in accounting, even send a son or daughter to school for it with the money you make from your new business, you will probably get a better return on your investment and a more dedicated future employee for your business venture in the bargain.


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Permalink: Accounting
Tags: small  business  advice  bootstrap  startup  bootstrapper  business+addresses  logos+business 

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