Vertaccount President and Co-Founder, Bernice Parsons was invited to speak at COC Hawaii FocusOn for a second time. Her topic was about increasing profitability by maintaining sound financial records.
The event was held last February 11, 2015 from 8am – 11am. In her talk, Bernice shared good bookkeeping practices to ensure that a business owner has accurate and sound financial records. Some of the tips she shared were:
- KISS: Keep it short and simple. – Systems perform best when they have simple designs versus a complex one
- GIGO: Garbage in, garbage out. – The quality of the output is determined by the quality of the input.
- Systematize and proceduralize until everything becomes boring.
- Accounting is supposed to be predictable. It’s not supposed to be exciting.
- Separate personal and business expenses.
- Minimize cash transactions.
- There is no cookie cutter approach.
The highlight of her talk was when she shared the Recipe for Sound Financial Reporting.
In order to have meaningful reports, there must be no half-baked measures. Good financial reports are a combination of:
- Professional advice
- Good Record Keeping
- Discipline & Organization
- Feedback & Collaboration
- Commitment
- Lots of Patience
In closing, Bernice told the crowd that:
- Bookkeeping is foundational and systematic.
- You can’t manage what you can’t track.
- Never underestimate the importance of accurate financials.
It was a fruitful event attended by over 30 business owners eager to learn more about managing their financial records better.
For future COC Hawaii events, you can check their schedule here.