cement board siding crystal lake siding companies park ridge vinyl siding cost kildeer hardie siding johnsburg soffit installation hawthorne woods .. Chicago Drug testing

Small Business - Would You Still Need An Accountant If You Didnt Need A Tax Return?

After over thirty years advising small business it still comes as a surprise to see the number of small business owners who are only interested in their financial results when it is time to do their tax return.

Many still think that their accountant is there to 'cook the books' at tax time!

It is not surprising that almost invariably the business owners who approach their accounting in this way are those whose business is not doing well.

Three out of five businesses fail within the first three years owing to a lack of proper business planning and record keeping and many of them are those proprietors who adopt this 'once a year' method of accounting. That's why they never improve.

Today's accountant is more than just a 'bean counter'. The new breed has developed expertise in many areas such as marketing, management, industrial relations law and computers. Indeed, the 'number crunching' that was such a large part of the accountant's life has been largely taken over by computers. There is now no excuse for not receiving meaningful reports when they do actually mean something and not three months after the end of the period.

Making business decisions has always been difficult. Small business owners without the resources of large firms have always needed to stretch beyond the limit of their expertise in making many decisions. That's what makes managing a small business so exciting. That's what makes it so dangerous too!

Seminar participants say, "My accountant knew all the answers, "but I didn't know all the questions". Time after time our new clients tell us that they are seeking an accountant who will give them good advice when they need it - not when they ask for it!

But in a small business the buck stops with you, if you are not receiving the service you want - don't just ask for it ? insist on it!

One of the problems is knowing what to ask for! Your advisors should anticipate your need and supply you with what you need before you need it.

A new trap for small business proprietors that is becoming increasingly prevalent is for those who computerize for the first time. Many of the packages claim that you do not have to have any accounting knowledge to operate them and sales people use this as a selling tool. It is a half-truth at best!

Just knowing how the pieces move doesn't mean you can play chess and we are seeing an increasing number of proprietors who have computer generated financial statements which are meaningless for tax purposes and give misleading information for management purposes.

This isn't the fault of the computer package or the operator using it. It happens because the operator doesn't know or understand some of the accounting principles necessary to make the system work.

Computers are supposed to make it easier but they are like any other tool which relies on the skill and knowledge of the operator. Your accountant should be involved in the initial planning regarding the requirements of the business. He/she should also be involved in the installation and training of the operator so that this valuable tool is used to the advantage of your business.

Remember, good advice doesn't cost, it pays!

About the author Kelvyn Peters CPA is one of Australia's longest serving Tax Agents. He was registered in 1962 and accepted as a CPA in 1964.

He is well-known speaker and educator and is famous for his ability to rescue ailing small businesses.

http://profitstrategies4business.com

In The News:

Franchising Industry Burdened in Over Regulation

There were only an estimated 1800 active franchisors in this... Read More

How the Crab Effect Obstructs Growth and How to Conquer It

Some of the greatest words of wisdom for any man... Read More

Overcoming Your Biggest Competitor

Before you read any further in this article, I'd like... Read More

Increase Sales in Your Home Business With These 10 Simple Ideas

Every home business has the same problem of how to... Read More

Mission Statements: More Important Than You Thought

If an organization lacks a mission statement, it is worthwhile... Read More

Collection Agency Selection

Frankly, given the legal and regulatory requirements involved in attempting... Read More

Pressure Washing Graders and Tractor Motors

When pressure washing heavy equipment each piece of equipment has... Read More

The Hidden Treasure in Your Business

I started working with another new client last week. He... Read More

Creating Time the Virtual Way

Time. As a small business owner, it's the commodity you... Read More

3.5 Million People And A Possible UK Home Business Opportunity

Has this ever happened to you... 'John, you have a... Read More

7 Essentinal Resources for Small Business

So you want to start a business but you don't... Read More

Simple Business Tactics Are Your Key To Success

In a world full of complications sometimes we overlook the... Read More

Tips and Tricks for Legal Debt Collections

If a customer owes your local business money, it's hard... Read More

Facts About Starting Elderly Group Home Businesses

There's been a recent rise in the number of elderly... Read More

Take a Break - Have a Pity Party

Pity parties are nothing new. In fact, we do it... Read More

How to be Annoyed and Make Money

When do annoyances in a relationship become too much to... Read More

Do You Want Your Own Fully Programmable ERP? - Part 2

In the first article we mentioned the main characteristics that... Read More

Keeping your Business Alive

As long as you eat and breathe you will stay... Read More

Small Business Marketing, According to Seinfeld

What could Seinfeld possibly have to do with marketing a... Read More

You Dont Yet Know What You Dont Know

Someone new to business ownership recently told me, "Before I... Read More

Pressure Washer Concrete Cleaning Equipment

Cleaning concrete is tough and there is an easy way... Read More

Change May Be Your Ace in the Hole

Whether it has been thrust upon you by external market... Read More

Is Brick and Mortar A Passing Fad?

Q: Is the online world the best place to sell... Read More

Business Relationships Defined

What makes a business relationship?What really makes a business relationship?... Read More

Do I Have to Do EVERYTHING Myself?!

The air in my client's office nearly crackled with her... Read More

high bay lighting led lights wholesalers Pete's produce ..
high bay lighting led lights wholesalers Pete's produce ..