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Business owners running a small business won't know if they're making money unless they do this task at least once a week: record income and expenses.
I'm guilty of not doing it every week, especially if I think I didn't make much money that week. Or I say to myself, "hey, I'll write it down at the end of the month."
This is the discipline needed to run a single person enterprise or a larger company. Income and expenses must simply be tracked or there is no way of measuring profitability.
I wrote an article previously during an interview with accountant Seth David Nerd Enterprises in Burbank, California. He touched on this topic and said financial data shows where a company has been and where it's going.
Click here to read Recording Income and Expenses is a Must for Small Business Owners.