Sunday, September 30, 2007

Learning Bookkeeping Basics

Tools are available to help emerchants improve their financial management skills

Poor financial management is one key contributor to why more than 50 percent of small businesses fail in the first five years of existence, according to the Small Business Administration.

Because ecommerce has such low barriers to entry — a few bucks for a hosted shopping cart and a few products are all one needs — entrepreneur-minded people frequently leap to launch a web-based businesses with little thought given to the financial backbone needed to operate a business.

Merchants often think they are going to be “free and independent” when self-employed, said John Day, owner of Real Life Accounting. “They may figure, ‘Since I have the knowledge and skill, I might as well set up my own business and keep all the profits.’ What they don't realize is that if not planned out properly, their dream can turn into their worst nightmare.”

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