#213: The Mistake That Cost Me $50k and Took Me One Year to Fix

July 23, 2018

#213: The Mistake That Cost Me $50k and Took Me One Year to Fix - Hiring the wrong bookkeeper

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Every business owner makes a mistake at some point in their entrepreneurial journey. Sometimes, these mistakes are small and easy to fix, but sometimes they can be very costly. One of the most common – and most expensive – mistakes that many new entrepreneurs make is hiring the wrong person on their team.
I am an experienced businesswoman and I have been running businesses since 2004. So, I have extensive experience with hiring the right people.
But, I am also human. Sometimes, I make mistakes.
In this episode, I share how making a mistake by hiring the wrong person cost me $50,000 and took a year to fix. I explain how messy books eventually led to sounding an alarm to my local tax authorities, how I finally realized I hired the wrong bookkeeper for my business, and the steps I took to fix the problem. I also explain the importance of basing your hiring decisions on the person’s qualifications and skill instead of your budget.
[tweetshareinline tweet=”“A sloppy bookkeeper is not a good sign.” – Sigrun” username=”sigruncom”]

In This Episode of The Sigrun Show:

  • How hiring the wrong bookkeeper can be a costly mistake
  • Why I hired a bookkeeper to manage my business books
  • Why I began using PayPal and Stripe to process invoice payments
  • The importance of knowing the details of your business books
  • How hiring the wrong bookkeeper led to my business being audited by tax authorities
  • Lessons I learned about hiring a qualified bookkeeper

Key Takeaways:

  1. Review your business books often to ensure they are accurate.
  2. Hire a qualified bookkeeper.
  3. Remember: You get what you pay for.

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