In my online courses, I always ask my students, "What's the importance of basic bookkeeping and accounting?". They'll answer: for BIR compliance. "But why is it so important Mommy N?" they ask. Tony Robbins said: "If you have the right numbers and you know what they mean, you can make better decisions". Olive Negosyo's friend, let's call her Olive, is a CPA- a Certified Public Accountant. Olive didn't use her profession to her advantage by running the business only with her checkbook. She didn't factor in a lot of the things she should've known had she done market research in the beginning. For one, at that time, she had to import the ducks from all over and logistics was expensive. Especially for micro business owners, They think that financial statements are only for big companies. Olive changed the nature of business, but did not change her profession. She didn't do bookkeeping and accounting. Without financial statements, she's only able to see the problem when it's already full-blown. Olive: Use your profession as an advantage for your business. Olive: As a business owner, you need to analyze and interpret the numbers that you get from your financial statements. If you are like me, who totally relied on my accountant and good friend, Cel, get her to sit down with you to explain the importance of your numbers. “As a business owner, you need to analyze and interpret the numbers that you get from your financial statements.” - Mommy N Highlights of this Episode: What’s the importance of basic bookkeeping and accounting? How true that financial statements are not only for big companies? Connect with Mommy Negosyo: Website Instagram Facebook Purpose Driven Business Builder Facebook Group Grow Your Business Pinoy Facebook Group YouTube TikTok

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related