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Being self employed comes with many benefits.  You can sleep in, work in your pyjamas and go shopping in the middle of the day.  You no longer have to report to a boss who doesn't really understand what you do or deal with mindless workplace politics.  It all sounds wonderful, but unfortunately there are also many challenges.  Small business owners have to deal with uncertainty and risk.  They need to be disciplined and deal with the many demands that being self employed can impose upon us.  In the early stages of self employment, most of us have to take on the responsiblity of fulfilling the administrative functions that you find in a more established business. Some of the skills that you need to develop are:

Accountant: It is extremely important to have an infrastructure in place to track your ...  Read more

 

Being self employed comes with many benefits.  You can sleep in, work in your pyjamas and go shopping in the middle of the day.  You no longer have to report to a boss who doesn't really understand what you do or deal with mindless workplace politics.  It all sounds wonderful, but unfortunately there are also many challenges.  Small business owners have to deal with uncertainty and risk.  They need to be disciplined and deal with the many demands that being self employed can impose upon us.  In the early stages of self employment, most of us have to take on the responsiblity of fulfilling the administrative functions that you find in a more established business. Some of the skills that you need to develop are:

 Here it goes: The GAAP has it all wrong. Now, before you click the little X at the top of the screen to close out of this article or look for the comments button to sound off, hear me out on this. As an entrepreneur, you may just find the new accounting method that I propose (read on for that) to be enlightening and helpful.

Sure, the Generally Accepted Accounting Principles that have been pounded into your head have an important function. Those include preparing financial statements that are used to report to investors or even those given to the IRS for the sake of mergers. They do have their place in the business world. But if you want to grow a profitable business, and I’m assuming you do, using the GAAP as your main accounting method is absolutely not the way to go.

Now, I must warn you that replacing the GAAP method in order to track ... Read more