Starting a new business can be stressful, time consuming, and ultimately expensive. A lot of new business owners enter the wonderful world of business thinking that they can cut costs by doing their own accounting. It’s just numbers right? How hard can it be? However, choosing to do your own accounting can serve to be a big mistake that will define the success of your business for years to come.
Accounting is very far from just numbers. It is time consuming and can be difficult for somebody who isn’t experienced in financing. Successfully managing a small business involves managing your cash. This includes tracking every transaction such as sales made, cost of materials purchased, employee compensation and benefits, hours worked, rent, IT, insurance, office supplies, and other expenses paid. It is also making projections and seeing them through to success.
Chances are, accounting was not what you started your business to be doing. You started your business because you are good at selling, developing apps, manufacturing a product, consulting, or whatever other activities produce sales. Is it more valuable to spend your time producing sales or doing bookkeeping? Unless you are in the financial services sector, it is unlikely accounting is your strength.
Good news, professional services like Viking Financial, pride themselves on working closely with their clients to give them the proper financial services for their particular business, saving YOU time to do what you started your business to be doing. The benefits of hiring a small business accountant include:
♣ 1. Focus on why you started your business. Entrepreneurs are passionate and fast moving. With all that new business start-up includes, business owners can’t afford to get bogged down with tasks that don’t help you continue to grow. Accountants can take on the heavy lifting of many different aspects of your business.
♣ 2. A healthy balance. Regardless of how new or established a business is, owners across the board struggle with finding the right balance between work and having a life. Accountants can take on the tasks you are less than thrilled about handling, and free you up to sell, market and grow during the day, and maybe even take your son to soccer practice at night.
♣ 3. Gives you a professional reputation. A good accountant will represent you and your company in the best possible way and insure that you gain the positive, strong professional reputation you need.
♣ 4. Experienced Insights. Don’t underestimate how valuable it is to receive guidance from someone who has insight, knowledge, and experience. Professional small business accountants have seen what works for other businesses and also what doesn’t, bringing you the best ideas and systems without the long trial-and-error process which can be detrimental to the success of a business.
♣ 5. Creating a successful business plan A good accountant will partner with a business to look at all the data and help build a road map to success.
♣ 6. trained to understand tax. This may seem obvious, but keep in mind that rules and regulations change frequently, and it’s tough if not impossible for any business owner to keep up with it all. An accounting professional can take away your uncertainty and ensure your business stays compliant.
♣ 7. Analyze data and actually putting it to use If all of your data is just sitting in a database and you’re not interpreting, analyzing or using it to help drive your business direction and decisions. Have an accountant help you dive into the numbers and use them to propel greater business growth and profitability in the future