Most small business owners start their company for the flexibility, a sense of control, and a love of performing the services in which they specialize. In addition, there is no cap on income potential.
So what's the most dreaded aspect of self-employment? Yikes! It's accounting.
Many surveys from the likes of Entrepreneur.com and Business Insider all lead to an overwhelming consensus by small business owners: They despise accounting more than any other operational activity. Marketing comes in a close second.
Why Do Entrepreneurs Hate Accounting?
It's a fact that the more time you spend running your business, the less time you can delegate to bookkeeping. However, keeping track of your finances is a vital part of operating a successful business.
Three reasons financial chores get kicked to the back burner:
- Accounting is Hard
It's a daunting task to learn, understand, and correctly implement accounts payable, accounts receivable, payroll, and other small business accounting tasks.
- Bookkeeping is Time-consuming
Learning accounting and specialized software is an ongoing process. Also, the more you put off accounting tasks, the longer it takes to get caught up again.
- Handling Finances is not Enjoyable
Paying the bills, reconciling accounts, seeing every little expense reduce your bottom line - it's just not fun.
Mistakes Can Be Costly
But the main reason small business owners strongly dislike accounting is because of a genuine concern about making mistakes.
Tax laws and tax rates are continually changing. If you pay or file taxes incorrectly, penalties and interest expense are an undesirable consequence. A failure to track and categorize receipts leads to missed tax deductions, another unwanted loss.
Forgetting to pay a bill or not paying bills on time generates late fees and can negatively impact your credit rating and credibility.
Accounting mistakes are expensive and can even result in the demise of your business.
Outsource Small Business Accounting
Avoid these costly errors and enjoy clean, accurate books by outsourcing your entire small business accounting process to Virtual Associates.
- Save money on operating costs such as salaries, benefits, and training by not employing a bookkeeper in-house.
- Keep financial records tracked correctly using the most up-to-date accounting software.
- Get all accounting functions, from accounts payable to tax management, completed in a timely, accurate fashion.
- Receive detailed reporting to manage cash flow and improve decision-making in your business.
Don't let your financials get away from you. Outsource accounting to the team of experienced, knowledgeable professionals at Virtual Associates today.
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