Small companies tend to handle the accounting on their own, and then later hire an office manager/bookkeeper to handle the books. The bad part about this is the owner usually has no time to check up on the work of the bookkeeper, and as long as the sales and bills are still coming in, no one is really taking a closer look at what is being done.
Your bookkeeping and accounting is the most important part of managing your finances, and what we do is make sure that it is handled correctly.
Every day, I find that clients are overpaying in taxes and on expenses that they don’t even know about because their bookkeeper has no understanding of tax education or they don’t even have a bookkeeper.
Then there’s the tax accountant or the CPA. This is the person the business owner puts his or her most faith and trust in, banking that this person will save them money. But the tax accountant is usually the person spending the least amount of time looking at the numbers. Also, by the time the accountant gets the information to prepare your return, the year’s already up, and there’s not much that can be done at that point to save money on taxes. Then comes the business coach or the consultant. This person is helping you run your company based on the numbers given to them by three different resources: the bookkeeper, tax accountant, and payroll company. And guess what? All of these people are usually talking to the business owner, but they’re not talking to each other. And insurance brokers rely on numbers that may or may not be correct for insurance premiums.
Any and all of these issues could cause your business to fall apart. Your finances are the most crucial part of your company, and they’re being left to numerous people who only have parts of the puzzle.