My Love-Hate Relationship With Accounting

I wasted the entire day yesterday running my end-of-year numbers. I’m ashamed to admit it, but I hate Quickbooks with disdain. But like every entrepreneur, I must learn to love this professional task of bean counting. I know that when I’m done, I will love this mundane work with a strange sort of passion. Allow me to explain.

Why does this guy look so perky?

Why does the Quickbooks guy look so perky?

I figured out my long-time hatred several years ago. Accounting doesn’t do anything. It actually wastes my time when I could be doing business and making money. I could be planning an event, writing a book, marketing some resources, taking a nap, watching paint dry, and so on. Instead, I have to click on long lists of ledger entries to make sure I properly labeled the transaction in the correct account. How boring.

This could have been a real problem for me, but my accountant helped me realize why I should love accounting. When I account for my finances, I am better able to plan for the business. Opportunities abound in business, and when I have a strong understanding of how much or little money I have to invest in those opportunities, business runs better.

My accountant happens to be a dear friend, too. Our families love each other, we go hunting together, I’ve taught his kids, we’ve attended the same church, etc. We’re best buds, so sometimes setting aside a day to “do accounting” is just an excuse to hang with each other. That has helped me get over my disdain for accounting.

If you hate accounting, imagine life with a total understanding of how much money you actually do have. That’s where you want to arrive. I’ve got a couple more solid days of work to wrap up my 2012 financials, and I look forward to being positioned to press on into 2013.

How do you handle your accounting in your business?