Today, M Dean Owen presents a few resources and services to help get your business off the ground for a stable and secure start.
Hire a Pro
If you want to get the books right for your small business, you should invest in professional accounting services. You can also make working with a pro easier and virtually seamless when you use accounting software.
Staying on top of details when it comes to taxes, bookkeeping, and other accounting steps can be a lot for any small business owner. A professional bookkeeper can offer tax, bookkeeping, and other services to keep your business above board, so you can stop worrying about the details and focus on where your business needs you most. You can find qualified bookkeepers through online job platforms. Prices vary depending on experience and the amount of work you need done.
Time Is Priceless for Small Business Owners
Your bottom line is crucial for the success of your new business. It makes sense to want to keep your startup costs low by opting for DIY bookkeeping. Even so, have you ever stopped to think about the true value of all of the time you’re devoting to accounting? As an entrepreneur, your time is truly your most valuable resource. It’s also your most scarce.
Just think of what you could accomplish with the time saved by hiring accounting consultants to stay on top of the financial side of your startup. Working with a consultant from the start can also give your business an edge by providing you with proven financial strategies to help drive profits up and costs down. This makes investing in accounting services even more worthwhile. Combining services with powerful tools to handle daily operations will save you even more time.
DIY Accounting Can Cost Businesses More
Still think your business simply can’t afford professional accounting help? After reading through these most common accounting mistakes, you may start thinking twice. Missing out on even the simplest of steps — like negotiating prices with vendors or forgetting to track an expense — will add up to more costs for your business.
Going it solo is often the biggest error. Experts agree that unless you have some sort of training or experience with business accounting, you’re much better off working with a professional CPA like M Dean Owen — particularly if you are trying to get a new business up and running. Accounting pros and consultants will be able to spot errors before they affect your small business. So if you are in the beginning stages of planning your new business, be sure to include hiring knowledgeable and experienced professionals in your budget. You can then avoid the stress of having to take on complicated bookkeeping tasks on your own. With the right professionals, you’ll also have a more solid plan for helping your new startup succeed.
That being said, if you’re committed to DIY whenever possible, pursuing an accounting bachelor degree online will not only allow you to do so (to the obvious benefit of your business), but will also add a highly marketable skill to your repertoire, should you decide to go into accounting down the line. And who knows? Maybe you’ll end up wanting to start your own corporation so you can turn your newfound skills into a second business. If you’re not sure where to begin, this guide on how to start a company can help steer you in the right direction.
Accounting is essential for your new business, but doing it all on your own isn’t necessary. If you want to thrive as an entrepreneur, it’s highly recommended that you get help in setting up your books and staying on track with important accounting tasks.