Correction

Correction happens and it is usually not well received yet if received we will grow.

If I go into business for myself to avoid correction, I am in trouble. There are governing bodies who will, eventually correct us. These being ASIC and ATO (government bodies in Australia which govern tax and company behaviour).

It is important that we have a group of people in our lives that we will take correction from. Although I run my own business I am under obligation to follow the AMP compliance rules, which in turn interpret the ASIC and ATO rules. All my work is audited and in some circumstances before a client sees a report it is checked by our internal compliance team. If they find errors they reject it with a 'try again' or 'you can't do this.'

In Australia our government has a way of collecting taxes and if we have a good bookkeeping programme and system we are ready to pay our taxes when due. If we are not ready we will be scrambling to find the money and constantly resenting the payment of such taxes. Every banking institution offers an account where you can place these taxes until due.

It is always a good idea to have a system in place so that we can be ready for all things that come our way. I remember the first year after I went into business I discovered that I had PAYG tax on the money I had paid myself over the preceding 12months, over and above what I expected. I went scrambling to find the money. Now I monitor it and endeavour to be ready.

Have good systems and 'be prepared'. I think that it a motto of the boy scouts isn't it?