Back in 1981, John Welsh and Jerry White wrote an article for the Harvard Business Review* using the catchy title above. For any small business it is worth a read even though it was written so long ago. The thinking at the time was that small businesses should use the same management principles as big… Read More »
In my experience, many business owners focus their attention on the Profit and Loss (P & L) Statement when considering their plan. “As long as I am making a profit everything will then fall into place.” they say. Not so …. Most small business owners who are not usually trained in accounting do not understand the importance… Read More »
If your accounting system has been around for a while, you will have many general ledger accounts. New accounts were created when you needed to watch a particular expense for a period of time or your bookkeeper created a new account to allocate an unknown expense when you were overseas that time. It has stayed… Read More »