Did Someone Say Accounting?

Let me start this post by saying...I have never liked math. In school I was the kid who could whip out an essay or memorize a map or a lesson in history in no time but put an equation in front of me? No thank you. It's not necessarily that I can't figure it out. It's that I am not interested. I really respect those who have been gifted with a love of numbers but I am just not one of them.

Back in my high school days at the National Ballet School we had a really interesting option come grade 11 and 12. One could stay in math and science or one could do extra art and photography. I'm not sure that that option still stands but for me the choice was obvious. More math. Just kidding. I went for the extra art. I knew that I was going to be a dancer. Through sheer determination I was going to do whatever it took to follow my dream into a professional dance career and I did. What I didn't do at the time was consider my future self and what I may want to do after. Luckily, I was able to translate my dance career into my own ballet school and I love the time I spend in the studio so much. What I don't love? That other thing that comes along with running a business...accounting.

I was totally unprepared for the reality of running the books when we opened the studio. The first year was a nightmare if I'm being honest. There was so much to learn from receipt tracking, to PD7A and GST payments, to payroll and beyond. Some of these things, I admit, I wasn't even aware of because in my previous profession there were always other people who took care of it. After a bit of time it became obvious to all of us that we needed some help. We hired a book keeper to guide us and I learned a lot from him about how to organize these things. I still did much of the daily work but it helped to have someone show me the ropes. While I began to understand it much better I never fell in love with it. I always found it really tiresome and not something I particularly wanted to spend so much time doing. After all, we opened a school to teach kids to dance, not to sit in the office running numbers.

As time has passed and our school has grown we have, thankfully for me, been able to hire a new accountant who does a lot of this for us. I am grateful for the real life education I received so that I have a much deeper understanding of how the business of the business operates but the numbers will never be the great love of my life. My advice to anyone starting a business with no experience in the realm of accounting and bookkeeping...Get some help right away. I think it is invaluable to be present and have an understanding of how your business works but also understand where you want to be spending your time and prioritize getting appropriate help and guidance where needed. You also won't waste money on late fees for things you weren't aware of.

What was the biggest learning curve you have had in a new position or with your business? Let me know!