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Dispelling Three Accounting Myths

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Dispelling Three Accounting Myths

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Maria-Miller-for-web-square.jpgMany small business owners are reluctant to reach out to a bookkeeping services professional. It seems like yet another daunting task in getting your fledgling business up and running. However, poor financial management can be a cause of small business failure. Establishing a strong accounting system is an important part of making your business a success.

So why do some business owners delay setting up bookkeeping services? We have found that many small business owners are operating under three major misconceptions about what bookkeeping services are and what value they add to a small business. Here’s a little wisdom to dispel these myths:

Myth One: Bookkeeping Services are only for Big Companies

Your small business may not need its own in-house bookkeeping team, but even a small business will need to manage cash, make budgets and pay taxes. Ask yourself: “what kind of bookkeeping services does a company my size need? Do we need an entire staff of accountants in the building, or would we benefit from an outsourced bookkeeping solution?” No matter what size the company is, your books and your taxes should be handled by experts. 

Myth Two: Bookkeeping Services are too Expensive

When you are starting a new business, you have a lot of expenses and need to save money where you can. However, not setting up a good accounting system can cost you more money in the long run, especially when it comes time to pay taxes. Some new business owners try to take on the accounting themselves rather than hire someone else to do it. I’ve had many clients come to me after years of putting off the expense of an accountant. They often find that they would have saved money if they had hired a professional.

And the cost of a bookkeeping service may not be as high as you think it is. There are many affordable bookkeeping solutions out there for the small business owner. Many companies offer different levels of service, and depending on the level of service you need, outsourced bookkeeping can be less expensive than an in-house staff accountant. 

A professional accountant can also help you save money in your business. Accountants with years of experience working for different businesses will be able to provide a valuable financial perspective.

Myth Three: Accountants are Behind the Times

For whatever reason, when you say the word “accountant,” we all picture the same character: a funny little man with a green visor typing away furiously and noisily. The truth is that today’s accountants are not behind the times at all when it comes to technology. Most of the accountants I know are people who get excited about new technological developments and love to share them. Look for an accountant that is comfortable with cloud-based bookkeeping and has applications and web resources that will streamline processes.


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Maria Miller

Author:

Maria Miller

Legal and Tax Disclaimer

This website is created by Supporting Strategies to provide general bookkeeping and accounting information only. Supporting Strategies does not provide tax, legal or accounting advice, and the information contained herein is not intended to do so. As such, the information provided should not be used as a substitute for consultation with professional tax, legal, and accounting advisors, and you should consult with a tax, legal and accounting professional before engaging in any transaction.