Today’s episode of I Hate Numbers is about Bookkeeping: Your business words. Travel back to Ancient Mesopotamia, Babylon, Assyria & Sumeria and you will see they have got their bookkeeping & accounting sorted. Documents from ancient Mesopotamia show lists of expenditures, & goods received & traded. Nearly 7,000 years later how records are kept has changed, however the reasons for doing so remain the same.
Why keep records?
We take videos and pictures to capture moments that we will treasure for life. We do that so we never forget. Your business may process 100s of transactions daily. With all that going you cannot keep reliable mental notes. You need to make a record of your business financial events.
Bookkeeping is one business task that you cannot fully escape. Your financial transactions show what you spend, what you earn, the ins & outs of your bank accounts – note them, somehow. Information for all over needs to be recorded. Our paper receipts, e-mail receipts (damned you Amazon), and the ones keeping the office draw company
Benefits of bookkeeping
“In business, people with expertise, experience and evidence will make more profitable decisions than people with instinct, intuition and imagination.” Amit Kalantri . An effective bookkeeping systems brings immense satisfaction, power, knowledge.
Business decisions should be based on more than instinct. Instinct is useful, evidence is stronger. In addition, you need to be aware of your profits or losses. Bookkeeping: Your business words, gives life to your financial and business activities.
When you have your business engine ready, a decent bookkeeping system then your life can feel liberated. The power of this insight and knowledge is numbers gold
If you do not capture the moments from your transactions, then you have no number business story to tell. Financial records are words to our story. Those words show us how much money we are making, where the money is going, helps us figure out what our financial future holds.
Grab a coffee, make yourself comfortable, sit back and listen. Start thinking about the many financial transactions that carry out in your business. We want to make calm out of chaos.
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In this episode
- Why keep financial records
- Capturing the words to your business story
- Developing your own Numbers confidence and decisions
- Take more control of your numbers to help make money