Taking Care of Business
Small business owners have a lot on their plates and usually little time to accomplish everything. One of the most important ways to take care of your business is with accurate accounting. You have two routes you can take with this one: do it yourself or hire someone to handle it.
There’s a big difference between not liking accounting, and just not being good at it. If the latter is true for you, admit it, and hire a professional. If you can’t afford to have an accountant on staff, outsourcing to a professional bookkeeper is the answer. It will cost you more than doing it yourself, but just think how much a horrible accounting error might cost you and your business. If, on the other hand, you’re not too bad with accounting, but the amount of time involved is keeping you from making more sales, you still need to hire a bookkeeper. Time is money and you can’t afford to spend your valuable money making time on financial record keeping and reporting.
If you decide to do the accounting yourself, you’ll need to get organized. Keeping a spreadsheet program to keep track of your business finances is not going to cut it. You need to buy some accounting software and then get training or train yourself to use it. Do a little research and select something that can grow with your business. Even if you decide to tackle accounting on your own, it may be well worth your time to work with an accounting professional to get everything set up in your software correctly from the beginning. Starting on the right track can save you from massive headaches later on.