Have you recently opened a new business but are stressed about accounting? We get it. Accounting, bookkeeping, payroll, invoices, taxes. It can be a lot to process. However, Cassmer Ward has 20 years of experience in the world of finance. With his extensive experience in accounting and education, he is uniquely qualified to help you navigate these complex issues, and he works hard to make this knowledge easily accessible to the average business owner.
Cash flow is the lifeblood of any business, and accounting is the tool we use to measure progression. However, you’re likely already playing many roles as a business owner. The last thing you want to do at the end of a long day is sit in front of your laptop and spend hours analyzing spreadsheets or trying to understand online accounting software. In addition, accounting can seem intimidating, especially with so much attention on the number of new IRS agents hired this year.
Cassmer has 20 years of experience in the accounting field, he’s also a small business owner. As a result, he’s spent years educating people on accounting practices, he understands business owners’ challenges, and sees the people beyond the numbers.
Accounting Options For Small Business Owners
When it comes down to brass tacks, new business owners usually use a few tried and true methods to handle their accounting.
Hire A Business Accountant
Hiring a business accountant is an excellent option for small business accounting. Choosing to work with a reputable professional to handle your accounting needs can help you with your bookkeeping, monitor your cash flow, ensure your assets are well managed, and assist you with tax strategies.
In addition, an experienced business accountant can usually offer start-up, business, and tax advice. Although this is typically the most expensive option for business owners, this price tag comes with a massive value add. Knowing you’re working with a professional who understands the ins and outs of your business and who will work with you to manage your accounting practices can save you thousands in the long run.
Use A Spreadsheet
This is the ultimate DIY method. If you’ve run many successful businesses, or you have a firm grasp of accounting principles, tax strategy, and the legalities of accounting, this might be a good strategy. It also comes with the least overhead, which appeals to many entrepreneurs. If you’re a solo entrepreneur and have minimal overhead, operating from a simple spreadsheet might be a great option. However, the pitfalls of this method can be expensive. Small errors can cost you. In addition, if you’re uneducated or unaware of tax laws or accounting practice changes, you will be held responsible as the business owner.
Online Accounting Software
Online accounting software is another common strategy for start-up businesses. Often new business owners understand the importance of accounting and good record keeping and depend heavily on a bookkeeping software system to guide them. This method typically involves an upfront investment but, once paid for, requires minimal updates over time (perhaps a yearly subscription fee). The downside to online accounting software is that it typically provides more one size fits all solutions, which isn’t always beneficial to business owners. In addition, because this software is mass-produced, it cannot offer the same nuanced approach to your niche business. Although this can help beginners gain a firmer grasp of basic accounting preferences, it isn’t always the best solution.
Why Do Businesses Need to Account For Their Money?
Accounting is one of the most vital roles in running a business. For a business owner, being able to track income and expenditures, ensure tax compliance, and even provide investors with accurate financial information is vital for making sound business decisions and can directly affect the growth of your business.
How We Can Help
Knowledge is power and if you’re ready to improve your accounting skills or bring your business up to the next level. Start with purchasing a book that can help you deepen your knowledge of business accounting in an easy-to-understand accessible way. Cassmer’s Book How Much Does It Cost To Make a Donut will help you do that. Then, if you’re ready to up your game even more, you may consider an online course focused on entrepreneurship essentials. Taking steps to enhance your knowledge will always positively impact your business growth and help you make important decisions moving forward.