Comments on: What Every Business Owner NEEDS to Know to Beat the Recession http://bookkeepingdirect.com/smartmoneychoices/what-every-business-onwer-needs-to-know-to-beat-the-recession/ How to make your business thrive...one decision at a time Mon, 24 May 2010 13:21:17 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Jeff Baas http://bookkeepingdirect.com/smartmoneychoices/what-every-business-onwer-needs-to-know-to-beat-the-recession/comment-page-1/#comment-47 Jeff Baas Mon, 09 Feb 2009 21:08:51 +0000 http://bookkeepingdirect.com/smartmoneychoices/?p=87#comment-47 It's surprising how much the reality of your business can differ from your perception of it. I remember a couple of years ago where I feeling good that one particular revenue source was making me a lot of money. The revenues came in one pocket and the expenses went out a different pocket and I never bothered to compare the two until tax time forced me to. Once I compared the figures, I found that that revenue source with which I had been so pleased had netted me a grand total of $300 for the year! I'll have to admit, I'm still not as good at keeping my books as I should be. But I do a lot better at it than I used to. And I'm convinced that keeping good track of my books is critical to avoiding unpleasant surprises like that one a couple of years ago. It’s surprising how much the reality of your business can differ from your perception of it. I remember a couple of years ago where I feeling good that one particular revenue source was making me a lot of money.

The revenues came in one pocket and the expenses went out a different pocket and I never bothered to compare the two until tax time forced me to.

Once I compared the figures, I found that that revenue source with which I had been so pleased had netted me a grand total of $300 for the year!

I’ll have to admit, I’m still not as good at keeping my books as I should be. But I do a lot better at it than I used to. And I’m convinced that keeping good track of my books is critical to avoiding unpleasant surprises like that one a couple of years ago.

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