WIBO Week 14 ~ Controlling Finances: Recordkeeping and Taxes

Ha! You didn’t think we’d skip a section on keeping your books and paying your taxes, did you?

This was a good “nuts and bolts” week. As written in our WIBO workbook, “Money is like fire: to get the most of it, you must keep it under strict control.”

I liked that analogy. While I’m good about keeping receipts, and organizing them for my accountant at tax time, there are more things I can do to manage my company’s financial books better.

In the music business there’s a saying, “It’s not how much money you MAKE, but how much you KEEP.” While the idea of growing my company seems daunting at times, I realize now that creating a regular process to watch my numbers, and possibly hiring a bookkeeper will make a huge difference in my bottom line.

This reminds me of a conversation I had with a songwriter a few years ago. The songwriter was talking about a well-known (and successful) recording artist, saying, “That guy is so cheap that he counts his money every month!”

At the time I didn’t know any better, and probably agreed with the songwriter. But NOW, all I think of is, “DUH! That’s how the recording artist will KEEP the money he MAKES!”

For more information about the Workshop in Business Opportunities (WIBO) course, visit WIBO.org

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