13 Aug The pitfalls of do it yourself accounting
Many business owners are trying to reduce their cost by “do it yourself accounting.” They are spending too much time, more than they originally anticipated, being their own accountant. The problem is that most business owners do not have an accounting background, nor do they have the experience to manage their company finances.
Time, Stress & Complications
Research firm Colmar Brunton, found in their latest research that one-third of the more than 300 small to medium business owners surveyed felt that time is the biggest frustration when it came to doing their own accounting. Another 18 percent associated their difficulties to a variety of circumstances including the stress, cost, and complications involved with doing their books, increased by the fact that they had to hire an accountant to re-do some of their work.
Accountant plays a crucial role in guiding the business owner to a long-term financial success. The research also highlights that business owners who followed the recommendations of their accountants had higher levels of happiness (95%) and confidence (91%) with their bookkeeping.
Professional accounting advice you will save you significant time and costs. A professional advisor will enable you to focus on the most important thing – running your business.
It is critical to get a professional accounting recommendation. This decision will ensure that you have an accurate picture of your financial performance and your cash flow.
Stop spending too much time on your books, inappropriate accounting solutions, and inefficient processes.
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About Accounting & Business Partners
Accounting & Business Partners is a CPA firm with an accurate, consistent and timely bookkeeping, payroll and tax departments. We believe that success lies in numbers. However, the drive behind the numbers is what truly matters. That’s why we look beyond the financial statements.