Entrepreneurs don’t just wear a lot of hats because they’re masochists. They do it–you do it–because you’re trying to bootstrap a company, and that means keeping costs down.
However, some DIY efforts are actually more costly than bringing in outside help, even with the help of software programs like QuickBooks. The software, after all, can only work with what you tell it. If you make errors, it will make errors too.
And many of the terms that QuickBooks uses are unfamiliar to the average entrepreneur, which meaks those kinds of errors very easy.
A recent article on Entrepreneur.com covers the benefits of getting outside help with your business finances.
Entrepreneurs who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought they were.
Entrepreneurs typically make the mistake of believing that they have to hire accounting help full time to reap the benefits. Or they assume that they have to go with a huge accounting firm that will cost them thousands of dollars every month.
Neither extreme is correct. As Entrepreneur suggests, a dedicated helper who knows your business can do a lot with just a few hours.
One thing the article does not address is the earliest stages of a business: the point when you’re still putting together your business plan. A good accounting team can help you decide whether there’s going to be a high enough profit margin to make your venture worthwhile at all. You may need to adjust pricing or go back to the drawing board if it isn’t.
The SMB Shared Teams Accounting Division can help with any of these tasks. We can help you make the most of your money in an existing business or we can help you evaluate a start-up plan. Our rates are very affordable and entrepreneur-friendly…and often they pay for themselves after we save you a big chunk of change on your taxes or show you an expense that can be cut to make your venture more viable.