This advice will save you MONEY! If you are a small business owner, sometimes accounting can be frustrating. There are endless regulations to follow and forms to fill out. And then of course there are tax implications to consider. So if you think you might need to hire your first accountant, here is some advice to follow that can save you money.
- Don’t try and do it all yourself. You might be determined to figure out that accounting software on your own. However, you might be missing out on opportunities a professional accountant could point out. Even occasional financial assessments with a local CPA could save you money.
- Make sure you can fire them. Be careful about becoming too reliant on one person to operate your financial systems. You don’t want to get stuck in a situation where someone is too critical to your operation. It is always a good idea to become friends with multiple accountants, so you can get different opinions when you need advice.
- Maintain visibility on your money. Even if your bookkeeper is doing all the work, make sure YOU are the one reviewing expenses on a regular basis. If you are not watching what is going on, money can get lost. No one cares more about your money than you.
That’s my accounting advice for the month. Do you agree? Did you find this helpful? Email me back and let me know…