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Accounting: The Red Headed Step-Child of I.M

by The Niche Man
5 replies
Although most I.M experts would admit, to be a successful Internet marketer who stands the test of time - you have to look at it as a business.

Yet few promote the importance of a fundamental aspect of any business and that's accounting.

I admit marketing, promotions, advertising, even s.e.o, etc. is more sexy. But failure to recognize the importance of "the numbers" have ruined more internet marketing dreams than most would imagine.

I can name many examples of budding entrepreneurs getting blind -sided (after huge sales) with
red-ink losses. Why? Because he or she failed to apply basic accounting principles to their business. And like others, spent most of their time focusing on sales, marketing, seo or website building.

That's why I would like to see a forum category for I.M accounting, forecasting and budgeting etc. someday. As boring as it may sound to some, it would help to reduce the number of casulaties. What do you think?
#accounting #headed #red #stepchild
  • Profile picture of the author JohnMcCabe
    While I agree with your premise, I think an accounting section here would be a ghost town, and even the ghosts would be gone, for exactly the reason you gave.

    Fortunately, generally accepted accounting principles apply to both online and offline businesses, and are therefore easily available to those who want to learn them.
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    • Profile picture of the author myob
      For most small businesses, this function (as with many business components) is best left to more specialized outsourcing such as bookkeepers/accounting professionals. It is not practical (nor even necessary) for one person to learn these type of skill sets for which may require years of training.
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      • Profile picture of the author The Niche Man
        Originally Posted by myob View Post

        For most small businesses, this function (as with many business components) is best left to more specialized outsourcing such as bookkeepers/accounting professionals. It is not practical (nor even necessary) for one person to learn these type of skill sets for which may require years of training.
        That's true in an ideal world, but when you're a one person business not knowing or using solid accounting principles can be a serious handicap. Even if you're able to hire a professional, which I recommend, the more you know the better you'll be able to communicate with each other. Internet marketing is one of the few businesses who tend to exclude this topic from most discussions for some reason. Imagine the restaurant, grocery or clothing industries doing that. Most would go broker in a week.
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    • Profile picture of the author The Niche Man
      Originally Posted by JohnMcCabe View Post

      While I agree with your premise, I think an accounting section here would be a ghost town, and even the ghosts would be gone, for exactly the reason you gave.

      Fortunately, generally accepted accounting principles apply to both online and offline businesses, and are therefore easily available to those who want to learn them.
      Yes, I agree it would be a ghost town left to it's own devices. But perhaps it would need a little spicing up, and made to look a little sexier (so to speak).
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  • Profile picture of the author XponentSYS
    I agree that accounting and business structure are important. With my coaching members, I go there.

    But the reality is that in this market, accounting wouldn't SELL.

    People my accuse me of being an ass for saying this but I don't care......

    about 90 percent of this market is comprised of people who are dreamers and want a quick fix for some situation they're in, or push button money..

    The reality is then, THOSE are the things that SELL.

    I'm not making this up. I am simply reciting what has been statistically proven and my, or anyone else's, opinion doesn't matter.
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