Monica recently brought in a book that belonged to her grandmother Gladys, 20th Century Bookkeeping & Accounting by James W. Baker, published in 1919.
As we were thumbing through the pages, we couldn't help but notice not a whole lot has changed in the world of accounting. The preface of the books starts out like this:
"The successful business man should know what a profit will result from the transactions in connection with his business before they are completed."
He goes on to say there's a connection between success and accounting. In order to make money, you need to know how to manage it... not a whole lot has changed in 90 years.
It might not be the most fast paced and exciting aspect of business, but it's definitely one of the most important. We've preached before about knowing your numbers (here, here, and here just to name a few) but we just can't say it enough.
Sure, the process and speed of how we can access the information has changes, but the fundamentals haven't. There are a lot of great accounting software packages out there that have made accounting easier and more accessible to everyone to understand but what's just as important as learning the software, is learning the process behind it.
In order to make money you need to know how it manage it... some things never change.
