Scenario: Controlling cash & credit

Alison is trying to decide how to handle bookkeeping for her business. Which choice do you think is best?


Alison has just started a house painting company and needs to set-up and maintain a bookkeeping system. She could do it herself, but doesn’t have any real experience. She could hire a bookkeeper or accountant, but that would be more expensive. Her helper, Fred, has computer skills and bookkeeping experience and has offered to do the work, but Alison is worried about the security of her accounts and money. What should Alison do?
Learn to keep the books herself.

The consequences of your choice

See the consequences of this choice for Alison and hear what the coach has to say.


Alison “After considering different ways I could become a better bookkeeper – taking a class, reading a guidebook or learning a software package – I talked to another small business owner and my banker for advice. They suggested I hire a bookkeeper to tutor me. She set up a system that’s easy for me to understand and then taught me how to use it. It was hard to find the time to devote to this, but I’m glad now that I did it.”
Trust Fred to handle the finances so she can give her full attention to her painting jobs.

The consequences of your choice

See the consequences of this choice for Alison and hear what the coach has to say.


Alison “Oh boy, did I make a mistake! Fred set-up a complicated system that I didn’t understand. Then, six months later when he moved away, I had to spend hours getting it straightened out because he was so disorganized. At least he was honest. I realize now that another bookkeeper could have stolen money from me because I wasn’t paying close attention.”
Participate in setting up the system; let Fred maintain it, but limit his access to funds.

The consequences of your choice

See the consequences of this choice for Alison and hear what the coach has to say.


Alison “This turned out to be a good choice. I made sure that my recordkeeping system is easy for me to understand and maintain. I also made sure that I’m the only person authorized to sign checks or use the company credit card. Fred is good at the computer work, and that let’s me focus on other aspects of the business – without worrying about losing my cash or good credit.”
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