Return to site

The Heart-Attack-Inducing Certified Mail

Certified mail. Audit.

Two things that strike fear into the heart of any business owner.  When Louis’ company was randomly chosen for an audit, he sent in the notice for our review.  At first glance, it looked like every other random notice.  But Louis knew something I didn't know. 

He discovered that his company had accidentally omitted revenue from his tax returns because he had no accounting system in place to effectively track his activity.

 

There will eventually be many lessons learned in this ongoing situation, not the least of which is that sometimes you need someone else to help you track your business' finances.  After all, Louis is great at his job...he sucks at accounting.  But, to Louis' credit, he is the typical "head-down, nose to the grindstone, works from dawn to dusk" entrepreneur, and he adds value to his customers' lives.  He's got most of it down just fine.  He could use someone to round off the edges of his business' financial house, you could say.

We are firm believers in the adage that "You don't know what you don't know."  In fact, when my wife Meghan and I came up with the idea for Start-Up School over a couple of beers one evening in a local restaurant, we wrote down a long list of reasons why we felt this was a great idea for entrepreneurs.  She wrote that quote within about three minutes of brainstorming.  Teaching entrepreneurs through real-life experiences is why we're here.

All Posts
×

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OKSubscriptions powered by Strikingly