{"id":1568,"date":"2020-05-29T12:44:00","date_gmt":"2020-05-29T12:44:00","guid":{"rendered":"https:\/\/www.oneaccounting.co.uk\/?p=1568"},"modified":"2023-01-02T04:34:38","modified_gmt":"2023-01-02T04:34:38","slug":"im-afraid-of-numbers","status":"publish","type":"post","link":"https:\/\/www.oneaccounting.co.uk\/im-afraid-of-numbers\/","title":{"rendered":"“I’m Afraid of Numbers”"},"content":{"rendered":"\n

“I’m afraid of numbers”<\/strong><\/p>\n\n\n\n

I’d been chatting to a client, Dominic, (not their real name) for 45 minutes when he dropped that bombshell into the conversation.<\/p>\n\n\n\n

At the end of a client meeting or call I often drop in the “Anything else to declare?” question, which is a form of AOB. I’ve been working with Dom for over 5 years and I wasn’t expecting that response.<\/p>\n\n\n\n

He explained that, although he ran a successful business, he felt like he was bluffing when he said he understood what phrases like net profit, shareholders funds and fixed costs all meant.<\/p>\n\n\n\n

He didn’t want to look at his Xero reports because he had “Imposter Syndrome – I’m a business owner so I should know what all these things mean.”<\/p>\n\n\n\n

So for Dominic (and others) here are three easy points to help you understand the basics of business accounting.<\/p>\n\n\n\n

1. Business accounting is the same for everyone,whether you are Tesco or a one man\/woman band. It’s “money in and money out”<\/p>\n\n\n\n

2. Cash is not the same as Profit. You can be profitable and be overdrawn at the bank,and making a loss while sitting on a pile of cash<\/p>\n\n\n\n

3. A balance sheet is a statement of what you own and what you owe.You always want the number at the bottom to be positive<\/p>\n\n\n\n

If you’re the sort of business owner who is slightly afraid of the numbers but need help with a cure for their phobia……get in touch!<\/p>\n","protected":false},"excerpt":{"rendered":"

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