Accounting and business

One of the inviolable facts of business is that you need to do accounting. It is also the bane of my existence. Now, for those of you who are accountants, I hasten to add that it’s not that I don’t see the value in it, I just hate doing it myself.

It’s not just the pure bookkeeping aspects that drive me insane. Though making sure all our receipts are in order, making our inventory count adds up to our actual sales and inventory purchases (see my post on inventory) and well, all the other myriad details makes me almost wish I wasn’t allergic to alcohol. Or some days forget I am.

No, it’s figuring out Quickbooks. I know, one day, it’ll start working rickety-tick and I’ll bless it. I already did once while doing the scan for games that went up in price recently. Still, for the moment, it’s in the ‘kick it around till it works’ stage.

Still, in the time I’ve been working on it, a few suggestions come to mind (some, I might note, learnt the hard-way):

that inventory valuation tool is so useful for a retail business

never let your books slide because catching up is worst than doing it in the first phase

hire a professional – at least long enough to set up your accounts in the first-place

be systematic about it, it’ll save you time in the long-run

‘profit’ is great – but cashflow is even more important

2 thoughts on “Accounting and business”

  1. <p>Hi guys. I’ve been watching your site once in awhile with interest – To see if discounting is even a remote possibility as a business model for board games in Canada.</p>
    <p>Every discounter in Canada for board games has gone under within a short time or is a part time activity (ie owners got a full time jobs somewhere else) – with good reasons.</p>
    <p>As you deal into the reality of it all, you’ll see that discounting simply is not sustainable in Canada. We don’t have the population. At the end, you’re only hurting the business and the hobby; Your business, your enjoyment of the hobby, and people who are actually trying to make a living doing this.</p>
    <p>I recommend you get a decent business advisor and have him/her *really* pour through your books – Ask him when (or gross) he think you’ll be in the black with your current business practice, accounting for your time as just minimum wage.</p>
    <p>Good luck!</p>

  2. Hi Jeff,

    Thank you for your comments. It’s always interesting to hear from another board game store owner. We agree that a discount model is difficult but we do believe it is a viable model.

    Both Alison and myself are in this for the long-term and thus far, feel that it has and it will be worthwhile in the end.

    Tao

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