The ABCs of Good Record-Keeping
There's a handsome payoff for getting a handle on your business's finances.
(YoungBiz) - On a typical day, you can find Meghan Ellwanger, the 18-year-old owner/operator of the Berry Patch Nannies goat farm in Somerset, Wisconsin, looking after the goats she raises for breeding and milking. Caring for the goats includes feeding them--baby goats need to be fed four times a day--giving them water and cleaning their pens. Ellwanger also delivers the babies, watches their diet to keep them disease-free and has even experimented with artificial insemination.
That may sound like enough to keep her busy, but there's also the behind-the-scenes management of her business. Along with her everyday duties, Ellwanger spends a fair amount of time watching her business's bottom line. Her detailed records, which she keeps both on the computer using Quicken and by hand, help her to track the costs associated with running her business.
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