Garbage In, Garbage Out

The information you receive is as good as the information you give. Call it the Law of Attraction, which can be applied to everything in life, including your Accounting System. I happened to be inspired by this post, just coming back from one of my awesome networking meetings with Business Sorority. Each meeting, we are forced to do our ’60 second Elevator Speech’ in front of two small groups of sisters.  And every time, I either find myself babbling or just stuck.

In today’s session, I happened to really think about what it is we really do, and it came to me……..we truly take care of the financial backbone of a business. We really focus on taking care of the main artery of the business function. Without it, a business would eventually fail. We focus on inputting the best, so you receive the best, otherwise you may get garbage.

We help people make business decisions based on their financials, which essentially is just a formal organized way of looking at their numbers—all the checks written, all the debit card transactions, all the deposits that go in and out of a business daily. Somehow all of these items have to be coded correctly, in an organized software, to be able to make sense. For example, you can’t have a Home Depot receipt in Food Purchase, unless you are using lumber in your recipes at your restaurant, and you can’t have a loan on the books without apportioning a portion to Interest Expense, (the tax-deductible part).

In order to see the true picture, you have to have a sound Accounting system, one that puts in clean information, so you get that in return. The system has to be efficient and effective for you and your business, but also it has to be accurate.

So now in my next go around of my ’60 second Elevator Speech’, it may go a little something like this: ” Hi, I am Nesha Pai, of Pai CPA. My motto is “Grow your Business, Let us Focus the Rest”. The Accounting function of your business is the backbone of your company. We focus on keeping you healthy and accurately informed, so you can make sound business decisions.

If this interests you and you want to know more about this topic, email Nesha at nesha@paicpapllc.com

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