I Love Coaching Business Owners for a number of reasons here's my top 3
1st Reason Why – If a business doesn’t know how to do his books, as his business grows, he will not be able to train his bookkeeper on how to record transactions correctly. There may be a high probability of messy books if an inexperienced bookkeeper is working without supervision.
2nd Reason Why – Theft and embezzlement. How will she know if her bookkeeper is not stealing from her? I have heard many horror stories throughout my thirty year career. I don’t want her to become a victim of a horror story, so I teach controls that can be in place to avoid theft or embezzlement from happening.
3rd Reason Why – It is difficult to speak with lenders and accountants if the business owner does not know what’s inside his financial reports. It’s a good idea to learn the jargon, and have a basic knowledge of bookkeeping so he may be able to make decisions based on conversations with his accountant.