LET’S MANAGE MONEY
Most people are in business to make money, some to pursue a dream – hopefully to accomplish both with ease and balance. Sometimes, however, the pressure of creating revenue, profits or return on investment can create lapses in judgement. These lapses can lead knowingly or unknowingly to serious legal violations. In other words, there are a lot of Enron’s in the business world, some big and others not so big.
What is referred to in accounting as GAAP (Generally Accepted Accounting Principles) can with more frequency be altered to CCAP (Commonly Corrupt Accounting Practices). Also thrown into the mix is the rapid pace of the business world and the never ending flow of information. It is very difficult for the small businessperson to stay on top of the constantly changing requirements of the governmental entities.
Here are some thoughts on the keys to remaining in compliance:
- Attend seminars for industry standards and specific rules and regulations
- Subscribe to Newsletters and Bulletins for meeting timely deadlines
- Invite an expert on board for a periodic financial management overview
- Approach the laws of operating a business as an integral part of staying in integrity
- Review monthly, quarterly and annual procedures to assure consistency
Compliance is critical to all business owners. Failure to do so can create significant fines, losses, and even criminal proceedings. As a business owner it is our responsibility to remain in compliance. Cognitively deciding to manage money properly both personally and professionally lends itself to optimal clarity and true abundance.
Lucinda Lintz has spent immeasurable time and energy learning, growing and teaching others about how to make it last, make it count and keep it coming in! She operates Abundance in Business and is a Business manager, bookkeeper and accountant for individuals, small businesses and the media.
She can be reached at 602/997-7970 or firstname.lastname@example.org