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As I am working few years ago, I attended a seminar about
proper handling of finances. What really captured me is the speaker statement
that “We must not be contented being an employee all through-out; we should
strive to be an employer someday”! From that day on, I can’t get that phrase
out of my mind, until I decided to start up a small business.
At first I understand that the money I invested doesn't
return right away, I need to wait for months before I felt the flowing of money
back into the pocket. This is when the fifth month of the business I realize
that I’m not gaining anything, even a penny. So I do a research about managing
a business and I saw this one thing – Accounting! I didn't know before that I need this A’
thing until I realize that too much money is flowing out and nothing is
returning.
As I research, I knew that accounting causes for most small
business owners like me. It is one of those office-document tasks that never
cross my mind when I decided to start and run the business. Accounting can
simply explained as financial reporting. Without it we may end up throwing all
of our investments.
I knew that many of
small entrepreneurs also struggle with this and I really want to help. Below is what I did.
First I set up an accounting system and make sure that every
transaction is documented or filed on it.
This may be a computer software program or simply a pad of
paper (for me at first it was an excel file). What’s important here is that you
list all financial transactions like sales, invoices, debits and other dollar
transactions. Through this, you can monitor the cash flow of your business. Are
you really generating income or just throwing money away.
Second I keep records
Keeping all paperwork relating to debits such as invoices
from suppliers, utility bills and sales invoices to customers will help you
assessing the growth of the business. This will serve as your primary evidence
if you are losing up or earning much. Keeping them in hand will get you in the
right decision-making and planning for the future.
Third I go for Pros
There’s no such person who can really help you big in your
business rather than the professionals! There are a lot of agencies that offer
free accounting consultation and I suggest that we must utilize them
efficiently. Just try, there is nothing to lose, and there is more to learn.
These are professionals, experienced –rich individuals that mastered and dedicated
their lives in this field, so why hesitate to ask for help? I remember this old
phrase – No man is an island!
As I apply all of this, my business starts to blossom, I can
monitor things clearly and with the help of professionals my business is
growing faster! Thanks to Accounting.
I hope this will serve as an inspiration for you as a
business owner. Just try, as I did.
Before I end up this article I’ll leave you a message from my Aunt who starts a
business in Dubai and applied also these tips.
“Hi there Emman! I followed your advice and looked for an
accounting firm in Dubai. My business is now growing! Thanks very much. I’ll
share also your thoughts to my friends. Take care always!
There you go folks! Feel free to write up your thoughts!
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