Suddenly Solo: Reality sets in
Shocking realization number 101 – I am not a great bookkeeper. I went into the solo world thinking I could do it all, marketing, bookkeeping, paralegal work in addition to that law stuff. Well, as I will share with you, I am reaching out for help for some of this stuff already.
So with great confidence, I set up QUICKBOOKS® for my accounts. I had been using QUICKEN®, another Intuit product, for years. How different can they be? Don’t ask. I am familiar with basic accounting concepts, after all I took accounting 27 (27!) years ago in B-school. Well, good news is my trust account is accurate. Bad news: my business account is a disaster. I use my debit card and forget to enter the transaction. Automatic withdrawals are not set up. Finally, I reached out to my son who majored in accounting. Gradually, we are getting things under control. Meanwhile, I am talking to some people who are looking for part-time bookkeeping work. The good news is I have a great accountant already, but the information I give him has to be accurate.
Moral: don’t overestimate your abilities in areas outside your field. Second, you cannot overestimate how much time it takes to do the tasks outside your field, even if you have a reasonable skill set. Everything takes longer than you expect. Third, don’t wait too long to look for someone to rescue you when you find you are in a quagmire.
Next post: Chicken or egg? What is the proper order of doing things in setting up the new firm. Some surprising things I learned about needs to be in place.