Control Your Finances – It’s a MUST

For any small business owner having control over the financials – especially the cash flow - of the business are essential to the survival of their venture. If you don’t have the necessary financial skills to ensure financial control consider hiring the services of a bookkeeper or accountant.

Even if you do have the financial know how to do your own books, sometimes having the opinion of an accountant is a good thing and you can learn tips on how to better manage your finances.

Even with the proliferation of bookkeeping software available it does make good business sense to, somewhere along the line, hire a bookkeeper to prepare your books on a monthly basis. You may think that doing it yourself saves you money but in the long run, having a specialist prepare at your books will save you time and money.

Think of it this way. As a small business owner, you are involved in all the aspects of running your business and this is a time consuming task. Being the ‘wearer of many hats’ can lead to the details needed to accurately maintain financial books being overlooked, and this can be a costly mistake.  

Having a bookkeeper avoids these mistakes. If cost is an issue (and isn’t it always) you don’t need to have a full time bookkeeper – just one for the end of month account preparations. To find a good bookkeeper, ask around friends and colleagues or even your accountant may be able to recommend one.

An accountant’s role is different to that of a bookkeeper. Yes, an accountant can perform bookkeeping tasks but the main role of an accountant is financial advice on tax compliance, and to provide ongoing business advice and guidance. As your small business grows, the advice of a good accountant is imperative.

However finding a good accountant that you can trust with your business and your funds can be hard. A good accountant is someone who has up to date knowledge on the latest legislation (tax or otherwise) affecting small businesses, is confidential, and has in-depth industry specific knowledge and experience in the operations of a small business in your industry.

Ask around for recommendations.

© 2005 StartRunGrow

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