Assessing The Health Of Your Business: The Art And Science Of Accounting

It pays to do things twice in accounting. Italian friar Luca Pacioli established that when he published the first book on double-entry bookkeeping in 1494. The practice is still being used today. Like Pacioli, who was well versed in a wide range of subjects, the art and science of accounting is all about timing and balance.

Double-entry bookkeeping, which requires two-sides to every journal entry, gave birth to the income statement and balance sheet. Together with the cash-flow statement, they create a financial reporting system that keeps your books in equilibrium.

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Do What You Do Best, and Outsource the Rest

Business process outsourcing – You are doing it already.

Don’t be intimidated when you hear the term BPO, or business process outsourcing, bantered about at your next business meeting. You are doing it already. If you have an accountant do your taxes, an attorney help with documents or an advisor for your benefits plan, you are already using BPO services.

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Starting a Business? Here’s What Should Be in Your Plan

Launching or restarting a business takes time and careful planning. It’s a venture fraught with challenges, often leaving leaders facing these characteristic challenges:

  • I need to set some financial targets and work hard to reach them.
  • My financial statements are inaccurate; what can we do to achieve greater transparency?
  • Our business plan is developed, but it needs fine-tuning.
  • The books are always closed late; how can we improve efficiency?
  • Our current systems aren’t meeting our needs; what are our options?
  • We thought we had enough working capital but are short on cash to meet daily expenses.
  • The CFO is lacking the skills and training required for our new vision.

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