We spoke with potential business owners and entrepreneurs at a recent YOB Fair (Your Own Business) and asked the participants, “What’s the biggest accounting challenge your business faces?” The answers from the business owners were varied, but generally fell into these categories:

  1. Revenue generation: No surprise here with the economy the way it is. As one person said, “My number one challenge is not having anything to count!”
  2. Lack of time: Entrepreneurs found they were spending too much of their precious time on bookkeeping and accounting duties. If accounting is not your area of expertise you are taking time away from your core strength; as an entrepreneur your efforts should be focused on your core competency and what generates revenue for your business.
  3. Lack of knowledge: Let’s face it, accounting it not as simple as buying QuickBooks and plugging in numbers. The key thing is to know where to put them and how to design financial statements that will provide the accurate information you need to make intelligent business decisions. Add to that the fact that the Congress passes laws that impact business owners and the IRS changes rules and regulations. Unless you are watching what’s going on and are “in the know,” there are deductions you could be missing or payroll taxes that you are not handling properly. (Yep! They changed payroll taxes significantly for 2011.)

Outsourcing your accounting, bookkeeping and bill paying is in investment in your business’s success. We believe that as an entrepreneur your time is one of your most precious – and irreplaceable assets – and you need to invest it wisely. We also know that to be successful, you need to have an accurate picture of your financial position so that you have the information you need to make intelligent business decisions to help propel your business toward success!

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