Sunday, July 24, 2016

This bookkeeping shortcut will cost a seller five-figures on closing day - How To Sell a Business

This mistake will cost a business seller ‘five-figures’ on closing day.

I remember when I started running my first ‘real business.’  I call it that because I had sales everyday and had to keep up on deposits, etc.

I wanted to use accounting software to simplify the process.  This was back in 2005.

I hired a woman to come over to my office and teach me how to use Simply Accounting, she taught me why it was important to ‘track reality’ in my books.

For example, if I didn’t accurately record payables, I could end up with lots of money in my bank account and mistakenly believe that the money was mine, when it may actually have been my suppliers’.

Watch me tell the story and of how a seemingly innocent bookkeeping shortcut will cost one business seller over $10,000 on closing day:

As a business owner, you need to know your numbers.  Every line of them and make sure they make sense every year.

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Thanks and I’ll see you next time.

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