There are those things we’ll never forget – our prom date’s name, graduation day, or how much we spent on our first new car. Life’s informational tidbits reside deep in our memory and are readily recalled when prodded by a question, a song, a conversation with an old friend. A missed detail here or there does not matter, it’s what we remember that’s important.
Conversely, details are essential when creating financials in our accounting software. When that inventory was purchased, from whom and for how much don’t just add to the story, they are the story. Was that airline ticket in the books a business trip or a pleasure trip? You may remember, you may not, but a saved or scanned receipt means you don’t have to remember.
When I’m working with a client who clearly leaned on his or her memory when entering the details of their transactions into their financial software, I liken that to reading a personal memoir. Now, don’t get me wrong, I love a good autobiography. So many of life’s lessons can be gleaned from someone else’s experiences. I find it nothing short of fascinating. The only thing that can be gleaned from a business owner recreating their books from memory is an example of baaaad recordkeeping.
Prioritizing bookkeeping is a mindset. Accept it needs to be done. Today if at all possible.