Growing Your Business

Small Business Finances: Are More People in the Black or in the Dark

2/20/2017

According to a study recently conducted by Entrepreneur.com, over 80% of all small businesses use some type of financing solution in an effort to continue to grow and evolve over time. Yet despite that, U.S. Bank estimates that cash flow problems and other financial issues are still the reason that an incredible 82% of all businesses fail. While a number of factors beyond the control of a business owner can contribute to this - like economic uncertainty or the fact that they simply weren't able to receive the funding they needed - a large part of the problem stems from the fact that they're just in the dark when it comes to money.

"Most small business owners are in the dark about what to do or what records to keep" said Alfred White of The White House Business Solutions. Joshua Standley of DKK Accounting, LLC echoed those sentiments when he said that "most small businesses have a hard time keeping up with the day to day tasks of running a business, let alone keeping track of their numbers."

Once you acknowledge that this is something of a universal problem, you can take comfort both in that and in the fact that the solution is ultimately a simple one: your small business needs to hire an accountant and it needs to hire one now.

Accountants: Moving From "In the Dark" to "In the Black"

The problem that many small business owners run into is the fact that when they open the doors for their organization, they're not taking on one full-time job. Whether they realize it or not, they're taking on two: that of the business owner AND that of the small business accountant. The problem is that they lack the expertise necessary to pull off the former and there aren't enough hours in the day for one person to tackle both at the same time.

Lisa Foster of L.A. Foster, Inc said that "an accountant can keep you out of trouble and help you learn about the tax and bookkeeping parts of the business." She re-iterated the fact that in her experience, a lot of small businesses are very much in the dark when it comes to financial services, adding that "they overspend and don't understand the tax liabilities." This ultimately takes a bad problem and makes it even worse by the time tax season rolls around.

The most important thing to understand, however, is that it doesn't need to be that way. Joshua Standley also said that "having an accountant will free up valuable time so you can make more money, serve your customers better, and know your work is being done correctly."

The number one focus of a small business owner in particular is and will always be growth. They need to devote as much of their time as possible to the products and services they offer, the level of quality they're able to achieve and the relationships they're able to forge with their clients. Assuming that one person can do all of this AND adequately keep track of business finances doesn't just lead to them being in the dark - it's likely why an estimated 33% of all small businesses fail within the first two years.

Teaming with an accountant doesn't just free up valuable time. It doesn't just make sure that things get done properly, that the right tax structure is selected and that you have the visibility you need in terms of issues like cash flow. It does ALL of these things AND brings with it the most important benefit of all: giving you a stable financial foundation to build from for years to come, guaranteeing that you move from being in the dark to in the black where you belong.

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Lee Reams II

CEO

I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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