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.