Plenty of small business owners are a little hesitant when it comes to embracing ownership of their accounting and bookkeeping. And for the most part, that's understandable. Managing a business's finances can seem daunting. Just the thought of financial reports and invoices and expense management gives some folks pause. (On the flip side, there are also plenty of small business owners out there who relish it. They get genuinely pumped when it's time to do things like estimated quarterly tax payments.) But for the sake of this post, we're going to speak to those who think their accounting skills are inadequate. The reality is, they're not. If that's you, here's why you're not terrible at accounting...
Yes, accounting can be intimidating, but you are one thousand percent capable of doing it. Once you get the hang of how your business operates financially, you'll find your groove. You'll be able to issue invoices in your sleep (though we don't recommend that). Capturing a picture of an expense receipt with your iPhone will become second nature. Knowing what reports to pull and when will become automatic. Bottom line: you're smart. You absolutely can do this, no matter little of a numbers person you are. Because in case you forgot, you run a business! Anyone who does that is certainly capable of learning how to take control of the business's books—and don't let anyone else tell you otherwise.
You're Detail Oriented
Successful accounting is all about attention to detail. Come to think of it, so is running a business. In the same way that you are meticulous in how you treat or communicate with customers and clients, so should you be when it comes to bookkeeping. Be regimented. Develop a routine. Make it an absolute point to manage your business finances down to the very last detail. Because when the details are all accounted for (no pun intended), your business will resemble a well-oiled machine and you'll be able to make informed (aka, better) decisions.
You Love the Result
Know that feeling when you sign a new client or make big sale? Or how about the feeling you get when a customer writes a great review about your service or product or—even better—refers you a new customer? These things don't just "happen." They take hard work and dedication. These are the fruits of your labor; the results you love. There's a good chance that when they occur, your brain releases a little bit of dopamine, generating that this is why I love what I do sentiment. You might not know it, but accounting can yield a similar output. How good does perfect bank reconciliation feel? (Yes, we realize how geeky that sounds, but it's true!) Or how about when you are certain that you just filed a perfect tax return and paid the right amount, down to the penny? These are the results of your accounting and they feel glorious.
So if you're on the fence when it comes to your accounting capabilities, get over it and dive in. You've got this. Just because you were born to run your business, doesn't mean you can't show your accounting who's boss too. (Too much Bruce in that sentence?)
Get started with some easy accounting software. Once you start learning the ropes and finding your stride, your confidence in your own abilities will soar.