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