Today I visited my accountant.
I left his office knowing that I spent too much time number crunching in quickbooks unnecessarily. Needless to say, the time would have been better spent growing the biz.
For the first time I presented to him financials regarding our online biz. He was happy to see the sales, but then started asking me many questions about the profit & loss statement that I could not answer.
I explained to him that I have had 3 different bookkeepers in not quite 2 years. I told him I invested time and money in a 3 day QB workshop, etc.
Because I have a finance background (as opposed to an accounting background), I have realized that the level of detail that I have been aspiring to in my QB is an overkill and totally unnecessary for the size of my biz.
He told him he uses just Quicken for all his businesses. He has a tax biz, a property management biz and owns about 50 SFRs that he rents.
It was very illuminating and I hope the lesson takes. I am not sure exactly how I am going to handle my bookkeeping right now. The immediate step is that I have a list of questions that he needs answered to make our 2008 returns.
It was very interesting to me because I have felt like I frequently get trapped in paralysis by analysis, and this is just another way that I am doing that. I thought I would share this aha! moment in case it helps anyone.
I left his office knowing that I spent too much time number crunching in quickbooks unnecessarily. Needless to say, the time would have been better spent growing the biz.
For the first time I presented to him financials regarding our online biz. He was happy to see the sales, but then started asking me many questions about the profit & loss statement that I could not answer.
I explained to him that I have had 3 different bookkeepers in not quite 2 years. I told him I invested time and money in a 3 day QB workshop, etc.
Because I have a finance background (as opposed to an accounting background), I have realized that the level of detail that I have been aspiring to in my QB is an overkill and totally unnecessary for the size of my biz.
He told him he uses just Quicken for all his businesses. He has a tax biz, a property management biz and owns about 50 SFRs that he rents.
It was very illuminating and I hope the lesson takes. I am not sure exactly how I am going to handle my bookkeeping right now. The immediate step is that I have a list of questions that he needs answered to make our 2008 returns.
It was very interesting to me because I have felt like I frequently get trapped in paralysis by analysis, and this is just another way that I am doing that. I thought I would share this aha! moment in case it helps anyone.
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