One Thing That Has Surprised Me in Business

In my short time as a business owner, there is one thing that has surprised me and that has been the fact that not all Executive Directors/Owners know what their bookkeeper is doing.

Generally, owners are so focused on the service and operations portion of their business/organization, that they do not know what is happening on the finance portion.

Most people have a natural trust towards bookkeepers and accountants, and believe they are doing what is right and proper…. until the bookkeeper leaves.  Then they discover things were not properly and sometimes not done at all. ☹️

The treasurer of one client had some bills going directly to her home.  She paid some of the bills and not others.  Eventually services would get disconnected.

If you have someone doing your books, here are 3 things you should expect from that person:

➡️Monthly Financial Statements – This gives you an opportunity to see where your organization is financially every month.

➡️An Understanding of Financials – Once you’ve reviewed the financials, you’ll likely have questions.  Your bookkeeper should be able to answer them.

➡️Process for Paying Bills – This is important to ensure all bills are being paid so services aren’t at risk of being shut off.

#nonprofit #financials