The #1 accounting tip that Ernie Paszkiewicz has for business owners is this: if you’re going to grow, do it profitably. In his 40+ year career, Ernie has seen the full spectrum of challenges and mistakes that trip up growing businesses.
Millions of small business owners – about 4.3 million to be more precise – rely on QuickBooks to manage their day-to day-accounting. While QuickBooks has earned a reputation for its ease of use, many small business owners don’t realize that with the addition of one or more software applications, they can run their business more efficiently both on the front end and on the back end.
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Being a business owner generally doesn’t come with an excitement for keeping the books. But QuickBooks can help owners comply with the required chore of keeping accounting records in good shape without costing an arm and a leg — or needing a full-time staff with accounting degrees. QuickBooks is one of the most widely used accounting software packages around. When setup correctly and used well, it is a formidable low-cost alternative to more sophisticated accounting systems.
Do you find yourself stuck performing (sometimes mundane) tasks in areas of your business that might be better off performed by someone else? Most small business owners would answer with a resounding “YES!” In the ideal world you’d have a chief financial officer who generates financial reports that help you monitor profitability. Wouldn’t it also be nice to have a human resources director to coordinate hiring and employee benefits for your business? Let’s not forget about a chief technology officer who can make sure your computer network and software are up and running smoothly 24/7. If this sounds like a dream come true for your business, join the club of small business owners who would love to delegate accounting, HR and technology tasks to someone else. But what if that “someone else” doesn’t exist in your business?
In a recent poll of Maryland construction company owners, more than one-quarter said profitability is their #1 concern for 2017. Even more construction company owners – 62% to be exact – told us that finding and retaining good employees is their biggest concern. What if we told you there is a way to add money to your bottom line AND alleviate the pain of finding and retaining a good employee? That’s where outsourcing the accounting function comes in.
There’s nothing quite like the sinking feeling you get when you complete a job you thought was profitable, only to discover that you barely broke even or, even worse, you lost money. These situations inevitably raise a lot of questions, specifically where you went wrong and how to avoid the same situation in the future.