Matrix Key: Financial Viability – Profitability – Accounting System
“The company accountant is shy and retiring. He’s shy a quarter of a million dollars. That’s why he’s retiring.” – Milton Berle
There’s a good reason that the cornerstone of the WholeLife Matrix is having a Good Accounting System. The accounting system is the road map of your business. Without it your business is basically blindfolded and wandering aimlessly. All the hard work you put into your product, your employees and your visibility in the market vanish in a heartbeat without a good accounting system.
The four requirements of a good accounting system are:
1. The system must be Tracked Daily;
2. You must have Someone Accountable;
3. There must be a system of Checks and Balances; and
4. There must be Capacity for Growth.
Look at your current accounting structure – can you identify each of these requirements in your system? As the above quote hilariously implies, your accounting system is only as good as the people who run it. Depending on the size of your business, you might need only one person to manage the accounting system or you might need a whole department. Make sure you invest in a quality experienced financial accountant. That’s a winning bet for your business’ long term health.
Are you ready to win?
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