Three Sets of Books

Why one set of financial accounting records is not enough…. And why you need at least two and possibly three sets of books to track your numbers.

Every major company has two sets of books: IBM, Microsoft, GM, GE. They’ve all got one that’s accrual accounting, and another one for tax purposes. Most small business owners, on the other hand, have only one set of books… the one for the taxman and that’s a mistake.