Why My Dad Went Bankrupt

 

At Timber, we’re working to solve the accounting problem for the starters — freelancers, consultants, creatives — entrepreneurs like you. We’re launching the Freelancers Tax Course later this month, and here’s why…

My dad has owned his own trucking company for over 15 years. He had another trucking company before, when I was just a kid, that ended in bankruptcy. It was always a major source of stress between my parents, who ultimately ended up divorced. It’s heart wrenching to remember to hearing them have the same kinds of conversations when I was younger that I hear now from so many small business owners; conversations about choosing between making minimum payments on credit cards or investing in a business that may not succeed.

 Photo by  Daniel Tafjord  on  Unsplash

Why did he go bankrupt?

No bookkeeping.

Constant tax extensions.

No financials for financing.

Basically he had no idea what he was doing with his accountant, and he never got any help with it. Was he making money? Maybe. While there’s something to be said for trusting your gut in your business decisions, your accounting and bookkeeping may not be the place to replace hard data and valuable information with feelings.

I don’t know that better accounting practices would have solved all their problems, kept him from going bankrupt, or saved their marriage. But after years working with small businesses in similar situations, I can say with certainty that better bookkeeping and accounting would have helped ease the stress and enabled more informed decision making.

If you don’t know where your money is going and coming from, how do you know how your business is doing? The financial side of running a business is more than just looking at the bank balance, even for solopreneurs.

Accounting doesn’t have to be scary — hard — maybe, but not scary. We’re here to make it easier and more accessible for everyone running a business, especially for those who are just getting started and don’t have all the resources they need yet.

The Freelancer’s Tax Course is aimed at keeping you out of financial trouble and helping you get your business started off strong, so that as you grow, the numbers don’t sneak up on you. It was created for busy starters and entrepreneurs like you, and offers straightforward concepts in simple language, aimed at reducing your stress and giving you the confidence you need set up and maintain strong financial systems.

I wish my dad would have had access to a course like this to stay on top of his bookkeeping and taxes. Not only would his business have been more successful, but his stress and anxiety (and our family’s) would have been a lot lower.

So, that’s why we’ve created the Freelancers Tax Course, to help entrepreneurs like you get their accounting in order, allowing you to reduce your stress, save you money, and give you the best chance at succeeding in your business.

Why do you do what you do? I’d love to hear from you. Long or short, shoot me a reply about your “why”.

 
Luke FryeComment