Practical Financial Advice You Can Count on
Focus Your Time and Efforts on Running Your Business and Leave the Accounting to Us
One of the key issues we have identified with business owners is that they are spending the majority of their time “doing the business” and not enough time “doing business”. Business owners have to understand the importance of not only how to run their respective business but making sure that their business have the proper tools needed to continue in business, which is the message we try to convey.
Having good Records/Books, Knowledge about Accounting with emphasis on Financial Statements is key to the success of their business.
We want owners to understand how their day-to-day transactions are impacting their net worth, as well as how it is changing their cashflow. Having this foundation will allow them to monitor their profits and gain a better understanding of the financial position of their company at any given time.
During this Pandemic, we have noticed that several business owners did not have financial records in place and/or they were incomplete. We convey that finances should always be evaluated monthly, not just at tax time. When finances are handled monthly, it is easy to provide the necessary documents to their tax expert and/or other business entities requiring their financial statements.
“Accounting is the language of business”
If a business owner does not have a good foundation in basic accounting fundamentals, they are more prone to fail. Not having an effectively managed accounting system, can and will result in financial disaster for a small business.