Is Your Marriage Suffering from “Inadequate Bookkeeping Syndrome?”
Sometimes couples decide to go into business together. Great idea! Mostly…
Many things could be so right about it. And many things could go so wrong with it.
Truth is, running a business together is something like travelling together. Will they continue to get along as time goes on? Who takes on what responsibilities? Who get authority for what?
When it comes to taking care of bookkeeping we at The Bookkeeping Department have seen two things go wrong:
First, things get too busy and so bookkeeping ‘falls between the cracks.’ It gets set aside for another day. After all, making sales is more important than data entry! And meeting clients is more important than reconciling a bank account! For sure, employees need more attention than an ever-growing pile of receipts, right?
All of that may be true…at that moment.
Avoiding your bookkeeping won’t cost you sales. Avoiding your bookkeeping won’t make your clients mad at you. Avoiding your bookkeeping won’t mean the service you provide will be affected.
Not today, anyway.
But…over time…it just might.
So, usually one person of the couple inherits/takes on/accepts responsibility for doing the bookkeeping. But, like almost every small- and medium-sized business he or she wears many hats. What’s going to seize their attention? Data entry of an expense, or a call from a new customer? You know the answer.
And then you throw in the responsibilities of being a parent. Many business owner couple have kids. And sometimes your kids need attention. Will their needs drag you away from a bank account reconciliation? Of course it will!
Second, it’s hard to fire your spouse. Ever tried doing that? Makes me shiver to even contemplate the idea.
I mean, being in a committed couple relationship is tough. It’s tougher again when you work together running a business. It’s even tougher when it’s a startup business.
And suddenly you realize the other person isn’t keeping up with the bookkeeping. Or, they are, but there are errors left right and centre. The bank account amounts don’t match reality. A bunch of payable were missed and now you can’t buy inventory on account. Your cash flow sucks because your own billing hasn’t happened. Disaster looms!
Dare you fire your spouse for all of this? Yikes!
You don’t have to suffer through the threat of “Inadequate Bookkeeping Syndrome.”
There are many good reasons to hire a professional bookkeeper to keep track of your business’s numbers.
Perhaps one of the most obscure is to help preserve a marriage!
