Some Business Owners Fear Outsourced Accounting and It's Impeding Their Growth...
Business owners face a number of challenges every day, and accounting is a big one. Businesses are often held back by fear of one or more things such as fear of information, fear of change, or fear of costs. Sometimes is just the fear of the unknown that keeps you from moving forward. We would like to address some common fears we encounter on a regular basis.
Fear of Cost
People often start a business with the aim of becoming their own boss, making large profits, and creating personal wealth. Unfortunately, a significant number of business owners have never done a budget or financial projections. They don't know how to properly cost their products and services or prepare a payroll. They have no idea how to manage their cash flow, whether they are maximizing shareholder value or if and when they need financing. They need the help of an accounting firm. Clients whose priority is truly having a cheap or low-cost accounting are better suited for other providers. But for many, the fear of the cost is attached more to the unknown than the actual fee for services. Think about price vs. value and if you are truly invested in having your accounting drive your business growth you will see the cost of a good accounting firm as an investment in your future.
Fear of Change
Fear of change is common. Some firms miss out on the benefits of process improvement because fear causes them to settle for the status quo. In a profession that is being impacted by technology accelerating at the speed of change, it is critical not to allow these feelings to prevent forward progress. Your books may have done for many years by a family member or even a long-tenured part-time bookkeeper spending a few hours a month on closing the books. If so one of the biggest fears is the fear of change. You know you want the change this is the reason you call an accounting firm but the idea of actually moving away from what you are used to can be overwhelming. While we believe an accounting firm is worth the change you must realize you have outgrown your system of accounting. You just need to have a heart-to-heart talk with your accountant and the fear of change should be less than the fear of insufficient accounting.
Fear of Information
The number of business owners who are afraid of their numbers is really striking. Financial statements are unknown territory to them, and they are scared by what they might find there. Business owners become especially fearful when things start happening that they don't understand. Most often, this fear is the lurking suspicion that books, or even accounting in general, just are not accurate. As a result, fears arise over what the numbers will reveal when the books are turned over to an accountant and brought up to date. Business can fail over inaccurate accounting and when decisions are based on wrong information. Fearing information is a calamitous course. It can be very hard to face the reality of your information that may have been overlooked for a long time. But once your information is accurate and reliable, fear is replaced by certainty.
Don’t wait until it’s too late to outsource your accounting. Outsourcing your accounting and payroll while you’re scaling your business will allow you to focus your energy on company growth and planning, increasing revenue, boosting your brand image, reinforcing your relationships with customers, and achieving company goals.
Contact us (859-344-6456) for a consultation!
James E. Wilson, CPA is a team of professionals provide innovative financial solutions designed for today’s business owner. Our advisors treat each client relationship with the loyalty and care required to properly advise you now and well into the future.Learn more