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Business Accounting and The Importance of Keeping Good Books

There has probably been no great accountant turned entrepreneur then Capitalist then Rockefeller who used his accounting skills to take over the entire Oil Industry back in the day. He kept immaculate books and started out as a promising young accountant.

When he noticed competitors he would often ask them to join him and show him his books and costs. Why they were simply blown away and they knew they could not compete with his low costs and so they either merged or sold out to the young Rockefeller.

This strategy of acquisition continued for decades and Standard Oil was the resultant. In fact it got so big that Rockefeller could even set his own costs for the railroad and squeeze the little guys with his powerful strength using the his railroad vendors.

Anyone who says that bean counters do not have a valuable skill set is an entrepreneur which is not worth their salt. This should be a lesson to anyone the importance of good books, so you know where you are at, at all times. It is wise for future business leaders and MBA students to pay extra careful attention to the accounting classes. If you do there are huge rewards and payoffs in your future.

Those who criticize bean counters, CFOs, CPAs and accountants have some hard knocks and real world challenges ahead of them; most likely they will learn what I just told you the hard way. I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.

"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; Lance is a guest writer for Our Spokane Magazine in Spokane, Washington

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