Following an intense three days doing courses last weekend there was no let up. On Wednesday we had a franchisee day which covered many areas but primarily the financial side of running a studio. Two accountants gave presentations on various ways of doing financials, VAT, bookkeeping, Sage etc.
A number of different options were suggested and the paramount importance of having regular management accounts immediately to hand following a month end.
So often small business owners tend to rely on their sales figures and bank account to gage their progress, only to find that when their accountant gives them their figures a couple of months after the year end, that they have not done as well as they thought, or even worse they have lost money.
Neglecting this side of your business can only end in disaster sooner or later.
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