Top 10 Accounting Mistakes Series – No. 1 – Not Calling the Professionals

Sep 5, 2013 | Accounting

For any business, bookkeeping can be a hectic and challenging process.  It involves dealing with all the various financial records and documents pertaining to a business.  Since this can be a challenging job, but a jobProfessional-Accountant that must be done correctly, it is highly recommended that one hire the services of a professional to deal with the bookkeeping aspect of the business.  Many business owners try to cut costs when it comes to their accounting.  They either try to do it themselves or have an inexperienced coworker or relative do their bookkeeping.  However, this approach may actually be more expensive in the long run.  This is why we say the number one mistake made by business owners is not hiring a professional accountant.  In this blog, we will explain why it is important for you to hire a professional accountant and how you will benefit from it.

Don’t Do Your Own Accounting

Let’s face it – you probably started your own business because you have a product or service to sell.  Your business demands your attention in order to grow.  Keeping good accounting records is important as your business grows, but the work that is required to maintain good records is time consuming.   Since your time is valuable and needed to run your business, it makes sense to hire a professional to do your bookkeeping.  Also, since bookkeeping might not be enjoyable to you, it is a task that might not get the attention it needs. Many business owners find that by focusing their efforts on working in and growing their business rather than spending time on bookkeeping, they actually make more money.  Effectively, the cost of hiring a professional is offset by increased revenue.

Save Yourself the Hassle

Accounting is complex and professional assistance can go a long way in helping you get the information you need to run your business.  If you have up to date financial information, you can run reports that tell you which products or services you are providing are actually making you the most money.  Good accounting records are also critical at the dreaded tax time.  Your accounting professional will be able to prepare your tax return more efficiently if your bookkeeping is maintained throughout the year.

Spend Money to Save Time

Proper bookkeeping takes time, especially if you are uncertain on how you are approaching it. If you are spending most of your time doing your bookkeeping and accounting, who is running the business? Who is the one making all the day to day decisions that will build your business? By hiring a professional accountant you are allowing yourself to focus your time on your core business rather than accounting. Accountants have the resources to perform your accounting tasks in a quick and accurate manner. Help yourself by hiring a professional and give yourself the time to build your business to what you want it to be.

Don’t make the biggest mistake of all and not hire a professional accountant to maintain your books. ABIP has licensed CPA’s perfect to help maintain your accounting records. Contact ABIP today and hire the accounting professional your company deserves.