I recently read an interesting story about a real situation that happened to someone who didn\u2019t have any clue about accounting and the importance of keeping everything compliant, straight and accurate. I don\u2019t even want to recall all that was left undone when it comes to reporting. It\u2019s obvious that he\u2019s right now in a total mess, ruined lots of relationships and his name and is possibly facing huge fines, personal bankruptcy or even some jail time.\u00a0<\/p>\n
Okay, it wasn\u2019t meant to scare you off, but merely stress the importance accounting has to your business. Don\u2019t get me wrong, having your \u201cown thing\u201d going is absolutely wonderful and rewarding, but you must never forget that there\u2019s also some level of responsibility which comes with it and even still so when you\u2019re just on your own in your company. Even so there\u2019s still something to keep it all going and operating according to regulation and common business practices (i.e. paying bills on time or paying them at all).<\/p>\n
I\u2019ve always been saying in whichever situation in life that with having control over things and especially finances you also get responsibility. Funnily enough people seem to forget it when there\u2019s a possibility of doing \u201cyour own thing\u201d or \u201cbeing in charge of things\u201d. It\u2019s like you\u2019re getting power over things and you completely overlook this responsibility side of it all.<\/p>\n
What accounting in essence is, is keeping track and record of all your finances, your resources that make the business \u2013 assets and liabilities, revenues and expenses. It\u2019s all what a business owns and generates. Without any accurate records of all of this the business is in a mess pretty soon.<\/p>\n","protected":false},"excerpt":{"rendered":"
I recently read an interesting story about a real situation that happened to someone who didn\u2019t have any clue about accounting and the importance of keeping everything compliant, straight and accurate. I don\u2019t even want to recall all that was left undone when it comes to reporting. It\u2019s obvious that he\u2019s right now in a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,74],"tags":[],"class_list":["post-3950","post","type-post","status-publish","format-standard","hentry","category-2-processes","category-2-7-accounting-in-itself"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=3950"}],"version-history":[{"count":1,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3950\/revisions"}],"predecessor-version":[{"id":3951,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3950\/revisions\/3951"}],"wp:attachment":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=3950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=3950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=3950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}