Entrepreneurship

The True Cost of Sloppy Bookkeeping

Your books are only as good as their execution. Otherwise, even the most perfect business model does no more good than the latest diet book growing dusty on your bookshelf.

The fact of the matter is that your books ARE your business. At the end of the day, your company IS how much it makes. You take in your sales but you have to deduct the cost of goods sold as well as all your administrative expenses. In addition to the regular costs like rent and payroll, you have the one offs – like the impromptu holiday party you threw to thank your workers for pulling off a tight deadline or the machine that broke down right as you were in the middle of a huge order.

Read more at SCORE.