While coaching a young entrepreneur, I was reminded of several common mistakes made by new business owners. The second mistake I see frequently is inadequate bookkeeping.
For many business owners, bookkeeping and administration is a bother. New business owners often intermingle personal and business monies in the same checking account. Some rarely keep track of their income and expenses, and often they don’t want to spend money on a bookkeeper.
Inadequate record keeping is a recipe for disaster! Without adequate records, one never really knows if they are making money, how much is owed for taxes and when trouble might surface.
Proverbs 27:23 teaches, “Be sure you know the condition of your flocks, give careful attention to your herds.”
Paying a knowledgeable bookkeeper is necessary and well worth the expense.