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Years ago, I ran a consulting practice when a rapidly growing retail chain hired me to improve their cash flow and to resolve what the owner believed to be a “minor” tax problem. As I began asking for financial information, I began to understand the problem.
Their bookkeeper had resigned, and they had ignored their bookkeeping for months. They had no idea which stores were profitable.
Selling was their primary focus, even if they were selling products at a loss! Before I could get very far into the engagement, the IRS forced this company into bankruptcy.
Proverbs 27:23 teaches, “Be sure you know the condition of your flocks, give careful attention to your herds.”
Good financial information is not wasted expense. Accurate financial reporting is crucial for thriving in business.
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