It’s no secret that the economy is bad. It’s so bad, however, that many fun events, such as festivals and fairs, are being forced to take a rain check this year. Unfortunately for Michigan residents, this includes the much-loved Cowpie Music Festival, which originated in 2002 and is held each summer. The festival, which included 43 musical performance groups last year, draws in visitors from the surrounding states. The festival organizer, John Crissman, reported, sadly, that he had lost over $40,000 in the past two years and would not be able to hold the festival this year as a result.
The economy alone isn’t to blame for this bad news, however. Crissman also expressed difficulty with managing his own finances and with making a profit from the festival. Furthermore, inclement weather back in 2012 also cost the festival organizer some profits, a loss from which he still hasn’t fully recovered.
While this news is unsettling, there is a lesson in it for others who organize events or who are otherwise in business: make sure you’re working with an experienced accounting firm to stay on top of your finances. right accounting services provided by the right Naperville accounting firm, you will hopefully never have to experience the same difficulties as Crissman.With the