According to a recent report from SCORE, more than 40% of small business owners say that bookkeeping and taxes are the worst part of owning a small business. Does that sound like you?
If you spend a significant amount of time and resources in tax preparation, payroll, and other bookkeeping tasks, you are not alone. In fact, many small businesses attempt to manage these accounting and tax filing tasks entirely in-house. Wasp Buzz reports that 46% of small business owners said they did not work with an accountant. Even those that do utilize accounting services often maintain inadequate or haphazard record keeping systems.
One Reason Small Businesses Fail
One of the primary reasons for the early failure of small businesses is the lack of a robust and dependable accounting process. Accurate and timely financial information is key to success for a small business. A good record keeping system, including cash flow management processes and strategies, provides the information needed for financial decision-making. Using tools like a software package or an online service to manage finances help keeps track of how the business is performing.
Help for Small Business Owners
The success of your enterprise depends on creating and maintaining an efficient record keeping system. Setting up a record keeping system is not exciting and doing paperwork can be time-consuming for sure. Just remember that a well-organized system is a small business owner's foundation for success. Once in place, the routine bookkeeping chores can be accomplished by an experienced in-house staff member who is familiar with the system.
From start-ups to established enterprises, small businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities.
For accurate record-keeping and reporting, cash flow management, and support on initial accounting setup, contact Charles P Myrick, CPA. Recognized as one of Washington DC’s top accounting firms for small businesses, we can help set up the systems that will move your small business to success. (202) 789-8898