My Business and its buddy - Accounting

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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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