My husband loves cars. He loves his people. And he loves talking to his customers.
However, he HATES looking at bank statements, ledgers and statement of accounts.
Whenever he gets one, he gives it one look and tosses it away to accounting who handles paying it for him.
However, this habit has turned into a disservice.
I remember looking at one of his Statement of Accounts from a sintra and sticker printing supplier. The owner was a good friend of his, who is also his accountant.
The bill came out to Php 35,000.00 for a series of works.
I checked the SOA — it turned out that while several items were at market value, the supplier charged my husband 30% more of the market price for some other items!
When I talked to the supplier, he said that his staff was new and made a mistake and hence, overcharged us for the item. He corrected the statement and drastically cut back on the expense.
That was annoying — If left unchecked, my husband would have paid thousands more and these bills rack up.
Second story, my husband thought he has been paying his accountant Php 10,000 per year since the accountant was a friend.
Little did he know, after years of service, the accountant was charging him Php 40,000 per month!
He only found out after his father told him, after his father asked his son’s accountant. That was not only embarrassing, but also an issue since you really have to know how much your contractors erroneously charge you.
Last story, just last week, I looked through the invoice my supplier gave. There were more than 90+ SKUs that I ordered.
As I went through the 4-page invoice, I saw that the supplier made a multiplication mistake and added another 0. Instead of Php 7000, he overcharged me by Php 70,000. But since I was paying millions of pesos anyway for the billing, we have already paid him the total bill and was nowhere the wiser.
I snapped a photo and told him about it. He reluctantly returned me the Php 63,000.00.
If left unchecked, I would have unwittingly paid him Php 63,000 more than what he should have! Honest mistake or not, it pays to double check.
When you have a business, every little penny counts.
The money that you make pays for your bills and overhead, and money that is unaccounted for is a waste.
Either you lose it due to stupidity or pilferage (people stealing from you), the end is still clear — the business suffers.
And since the business is yours, as a business owner, you really have to do your part to double check.
So the lesson is: Always double check your bills.
Double check your bank statements. Your invoices. Double check everything.
Never take things for granted that just because people are sending you a bill, everything is correct and you have to pay it.
Check and double check.
And when you do, your business and your people will thank you more for it.