Hi. My name is Adam with Adam Lowe Creative. I help small businesses just like yours overcome the challenges and obstacles that we all face. Last week, I talked about accounting software and how a lot of small businesses don’t have anything there. This week, I’m going to look at the other side of that and I’m going to talk about bookkeepers and CPAs. Now, here’s something else that a small business definitely needs, especially if you’re getting started.
Most business owners don’t have a background in finance or accounting and they don’t really know how to set up their company’s books properly. Definitely get the help from an accountant, a CPA, or a bookkeeper to at least get you started. Even if they’re not taking care of your books from month to month, and you’re going to into QuickBooks or whatever product you’re using, and you’re entering all of your receipts and you’re entering all of your invoices, make sure that you’re set up properly from the get-go. Also, make sure that you’re having at least quarterly meetings with somebody who can look at your books and make sure that you’re doing things right and who can give you advice.
Now, I get it. Again, you’re starting a small business. This seems like a lot of money to put out. It can also be a little bit embarrassing when you’re a small business and maybe you’re not doing as well as you’d like to. But the thing is, these professionals are out there for a reason. They know how to look at these numbers and they know how to give the right advice. They can tell you whether you should purchase a piece of equipment this year or wait until next year. They can tell you based on looking at historical trends and forecasts what might be coming down the road and they can save you an awful lot of headache. Please make sure to build a good relationship with a bookkeeper or a CPA and when you get your business started, please, please, please have them set up your accounting systems for you.
Until next week, take care.