Are you getting the most out of your accounting system?
Given our experience with a good variety of small to medium enterprises, LSCi worries that choice and use of accounting systems are largely under-estimated, underused, and under-valued.
For example, when asked "Why did you do accounting, what's the purpose?" we find that too many businesses report "They have to" and/or "It's required by the Tax-Man".
Performing the sometimes challenging but mostly the high repetition task of accounting just for the Taxman or because "you have to" we consider a potentially disastrous rationale. We encourage everyone to turn this around to:
- Stop working for 'The Man' , and
- Get back to working for yourself, your business, your customers, your employees, your investors.
For sure the Tax-Man demands accurate accounting in support of annual business tax filings and we support this and in no way intend to undermine your fiduciary duty regarding tax filings. But just in a secondary way as a natural outcome of doing accounting for yourself.
When you focus first on your own needs the process of accounting takes on a whole new positive meaning.
The base idea here is to turn your accounting system into a high-quality feedback system that provides timely business status information that improves your control over your entire business, and that increases your ability to grow and grow faster just by having more accurate and timely info about what works and what doesn't. Then decisions like "Stop Doings" can be of higher quality, will likely happen sooner rather than later, and will provide more assurance your going in the right direction.
Together, lets get past the age old 'abacus' bean counting stage. Lets turn your accounting system into a top-notch business control system.
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