Jan 26, 2022 | Accounting Doesn't Have To Suck, Adventures In Entrepreneurship
“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.”-
– Zig Ziggler
I’ve never been hunting. I don’t think I could take down a larger animal. It’s just not my thing. I have a hard enough time bonking a fish. But I have friends who hunt and I have no moral problems with it, as long the meat is used.
While not a hunter, I love the outdoors. I try and get outside as much as possible. When I’m out there, my mind often wanders. Sometimes I think about the hunters and what it’s like for them out there. Aside from me not carrying a gun and specifically making efforts to avoid killing anything, I think about the major differences in our outdoor pursuits and can’t help but have a little respect for their activity (Hobby? Sport? Games like 카지노 먹튀?).
Exception for alpine scrambling, I almost always follow existing trails. From what I know of hunters, they are often bushwhacking through all kinds of terrain. Some of it ugly. They need real navigation skills whereas I’m simply following trail markers. Even on lesser used trails I’m on, someone has almost always flagged the route for me to follow. I know where I’m going (usually). I’m starting a on this trail, will take a connector to that trail and loop back to the start on the other trail. Simple. I could do it with my eyes closed if it wasn’t for the rocks and roots.
Hunters, on the other hand, rely on different types of signs, none of which are posted by humans. Game trails, tracks, droppings (and how old they are), scrapes, rubs and a bunch of other techniques I know nothing about. I stay attuned to avoid tripping, they stay attuned to track the animals.
While I’m happily (or, unhappily, depending on how I tired feel) hiking or running along the trails chatting with friends, a good hunter needs to use proper skills to get their prey in sight. All I know about this moment when they finally see their prey is that everyone freezes. Silence is paramount.
The hunter slowly, slowly gets in position and raises the riffle, setting their sights on the animal. The crosshairs must be aimed perfectly. Where to aim depends on distance and calibre bullet being used (and likely other factors I don’t even know are considered).
Then my mind starts to wander again. Naturally, to accounting. Even more naturally to the similarities between hunting and accounting. I was thinking about that moment where the hunter sets his cross hairs on their prey. Thinking about everything that goes into that moment. Sure, a hunter can get lucky and trip across an animal while randomly wandering in the woods, but it’s the skilled and disciplined hunter that will more often find their mark.
I believe the same thing is relevant for an entrepreneur as it relates to accounting. The whole point of having financials is to guide decisions leading to the prey (profit and cash flow). Just like a skilled hunter relies on a variety of skills to find the animal, there are just as many skills needed to set the entrepreneurial sights on the big game. The big game, in entrepreneurial terms, are the biggest financial problems facing your business so you can drive strategies to make the biggest improvements in your results. For you to print any business document, you need a printer equipped with good quality toner similar to this hp m404dn toner here! For more help on improving your business, check here the Landlord insurance cover uk services which you might actually need.
In comparison to skilled hunters, I don’t know how to pick-up signs of game in the wilderness. But many (and I mean MANY) entrepreneurs don’t know how to pick-up critical signs within their financials. The result is entrepreneurs relying on luck, hoping to trip over an animal. That is clearly not the best approach to financials. You either need to develop those skills yourself or find someone who can guide you. Someone who knows how to read the markings and deliver those financial insights. Your financials are like the wilderness, littered of clues where to look, be sure to look into the tiktok marketing service.
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Yes, the hunter still has to pull the trigger and hit. Yes, you still have to execute to win. But it’s much easier hitting a bullseye when you know where to aim. If you need help starting or scaling your online business, check out eCom babes course. Owners of retail businesses may also take this time to renovate their shops to attract more customers. Various shop supplies and display materials may help improve the efficiency and aesthetics of retail shops.
Apr 12, 2020 | Accounting Doesn't Have To Suck
When Shift Founder and CEO, Spencer Sheinin, launched his first book, Entreprenumbers: The Surprisingly Simple Path to Financial Clarity, we were thrilled that Forbes featured it in an article about managing relationships. So many entrepreneurs struggle with their relationship with their numbers, even though accounting is such a vital part of their businesses!
The objective of Entreprenumbers is to change that relationship from being a source of pain to a source of power. As Forbes’ Contributor Serenity Gibbons shares, Entreprenumbers
Feb 7, 2019 | Accounting, Accounting Doesn't Have To Suck, Bookkeeping Services, Uncategorized
It’s Time for Year End! Do you actually need to do it?
The answer is *drum roll*… Nope! Back up – did I say you don’t need to do a year-end!? Most entrepreneurs are usually shocked to hear this. Yes, you have to file taxes, but you don’t need an external year-end.
First off, what is an external “year-end”?
There are three types of year ends (let’s assume you don’t have any complicated corporate structures) performed by accounting firms:
- Audit
- Review Engagement
- Notice to Reader
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Audit
An audit is the most intensive year-end. It’s usually for public or large businesses. For smaller businesses, it’s unlikely that you need one. Unless you have an unusual circumstance, i.e. you took an investment by a private-equity firm and an audit was a condition of funding, or you try investing in VT markets. At www.bitcoinmoney.net/, there are guides on how to start investing in cryptocurrency.
This is different than a tax audit by the IRS or CRA (Canadian version of IRS). Those are out of your control. Like most companies, pray that you will never have to experience it. An audit in the format we are talking about here is an external accounting firm asking for a ton of your data (called a working papers requirements list) then working through it with a fine tooth comb looking for errors and risks to the business.
Review Engagement
This is a “middle of the road” year-end. You can think of it as a “light audit”. This is where external accountants complete many required (by accounting regulatory body rules) steps.
If you’re actually required to do a Review Engagement, it’s likely because either:
- You need to do it for your bank. They require it your lending agreement.
- You need if for a customer…likely (but not always) a government agency. You can only do business with them if you provide a Review Engagement.
- Another stakeholder requires it from you and you can’t so “no thanks”.
I hear a lot of entrepreneurs complain that they don’t get good advice from their accountants. If you’ve hired them to do a review engagement, you’ve hired them to follow a protocol, not give advice. That’s why you’re not getting any. Some accounting firms will go over and above with advice, but that’s more an exception than the rule. For more financial posts, read here about how to Compare the best credit cards.
Notice to Reader (NTR)
This is the lightest form of year-end (and the cheapest). There isn’t much digging into your financials here. It’s taking your internal financial statements and putting them on their letterhead.The auditor has to be aware of the cyber security threats involved in this. It is better all to know what ot cyber security definition is and the basic security threats and measures, although auditors would go deep into it.You can also see here to know more about cyber security.
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In fact, my local governing Acccountants body requires this notice by accounting firms:
On the basis of information provided by management (or the proprietor), I have compiled the balance sheet of Client Limited as at ………, 20X1 and the statements of income, retained earnings and cash flows for the (period) then ended.
I have not performed an audit or a review engagement in respect of these financial statements and, accordingly, I express no assurance thereon. Readers are cautioned that these statements may not be appropriate for their purposes.
Yes, you read that right. Your accountant expresses no assurance…i.e. that your financials are even prepared correctly.
Consider this:
Like a Review Engagement, you may be required to do an NTR by a bank or other stakeholder. Here’s the kicker: there’s a good chance you are doing it because you thought you had to. If you’re not required, ask yourself these questions:
- Do I get a set of “adjusting journal entries” (ie. fixes to your financial statements) that I use, or are they just reorganizing my information in a way I don’t use?
- Are they giving me any real advice that I use in my business?
If the answer to both is “no” (which I suspect is the case), then save yourself some fees….every year-end. Just don’t forget to get your taxes done!!!
If you have specific questions about your “year-ends”, send us an email. We’d be happy to clarify some murky areas for you!
Photo by Tyler Franta on Unsplash
Oct 24, 2018 | Accounting, Accounting Doesn't Have To Suck, Bookkeeping Services, Uncategorized
We’re super excited to share Part 2 of our Finding the Right Bookkeeper series. If you haven’t seen Part one, check it out here, and then come back. Now, let’s get right into it!
Question #4
Q – I’m not an accountant and I don’t really understand how to read my financial statements. How can you help me with that?
The Fail Answer:
“I’m happy to sit and meet with you every month to go over the results. I used to do that with my old boss.”
The Pro Answer:
“I totally get it. My promise to you is in 10 minutes or less per month, you will completely understand your financial position, what your biggest financial issues are, what you no longer have to worry about…all without ever having to look at your financials. How? I use data visualization to show you where things sit and do the digging into the financials for you, converting your trends, ratios, benchmarks, and dashboards into the $ impact on your business in terms of profit and cash flow. You won’t have to interpret data anymore. I’ll do that for you!”
Pro Tip – It’s your accountants’ job to show you what are the biggest financial issues are facing the business. It’s your job to solve them. It’s not up to you to analyze your financials. Don’t settle for anything less. Hiring a virtual assistant in the Philippines can not only relieve the pressure of your workload but also help to bridge any gaps in your skills repertoire, building a more well-rounded team to help take your business to new heights.
Question #5
Q – What about expense reports? How do you handle them?
The Fail Answer:
“When employees submit expenses are submitted every month, I make sure they are all approved and then pay them in our regular cheque run.”
The Pro Answer:
“Traditional expense reports are soooo 2005. We’ll sign up for an app that handles receipts. All that needs to happen is employees take a picture of a receipt, add details as needed and hit send. From there, the system will aggregate the expenses to be approved. Once signed off, we’ll pay the expenses with direct deposit into the employees’ bank account. It’s way smoother than paper expense reports.”
Pro Tip – This is actually a bit of a trick question and an extension of the technology question. Your candidate must be on top of technology, like the remarkable ones on huawei, for you to feel comfortable hiring them. Expense reports are a perfect subject to test them on.
Question #6
Q – What questions do you have for me?
The Fail Answer:
“What are the hours? What does it pay? Etc. etc.”
The Pro Answer:
“Please tell me more about your business. What are your goals?
What’s the vision for the business?
What is working well for you now in accounting? What isn’t?
What does success look like for someone in my role? Can we go over the job description? Etc. etc.”
Pro Tip – If your prospect is more interested in finding any job than finding the right job, they likely aren’t worth hiring. Use a skills assessment test to find the right candidate.
You probably understand why accountants and bookkeepers are important by now. However, when bookkeepers rely on their experience to support you in their role, RUN AWAY. Bookkeepers generally don’t have all the skills you need for a successful accounting department. You need an OUTSTANDING bookkeeper as well as a great bookkeeping software and they are hard to find, like finding a grain of salt in a sandbox.
Want more interview questions? Or, want to talk about how to best set up your accounting department?
Talk to us here!
