Keeping Your Accounts In Order

When you are a visionary entrepreneur or CEO with an idea of creating something brilliant or world-changing, it can sometimes be difficult to Financial Paperworkturn your attentions from the creative and enjoyable side of what you are doing and sort out the tedious stuff like tax returns and other financial paperwork!
Unless you are financial wizard and enjoy the paperwork side of running a business as much as the creative stuff, then learning to channel your focus on what many may deem as the “boring” side of the business can be a real challenge.
This is something I know about first hand, I mean, I’d much rather being working on promoting BODO’s vision and ideals and trying to make a real lasting difference through my organisation, rather than doing tax returns, but the reality of it is that you won’t be able to do one without the other.
Of course there will be some of you out there who will be lucky enough to have accountants and finance officers who you can dump all this sort of stuff on and let them get on with it. However with new start-ups and companies where a large workload is split between a small number of people, the chances are that you are going to have to do a large portion of this sort of stuff yourself.
In these situations, it is important to realise from a very early stage, that this is something that cannot be ignored or left for another time. Nobody wants to incur the wrath of the tax man, simply because they forgot to file that tax return on time, nor do you need to incur unnecessary fines for late payments, or risk alienating your employees because you did not get their wages paid in on time!
It can be tempting to deploy the “I’ll leave it till tomorrow” attitude with parts of the work that you do not enjoy, but this is a sure-fire way to land yourself in trouble, especially with regards to financial paperwork. I’ve found that leaving stuff that you do not find enjoyable, to build up until it becomes a mammoth task, is even more challenging, than if it was tackled in small doses as and when it arises – Don’t wait until you are drowning in it to make a start on it!