Is your accounting set up to provide you and your business with a road map?
I enjoy going for a run. Running not only helps me get my exercise, but it also helps me relax, think about things, become more productive, and also come up with new blog posts. After completing a shorter run the other day, I decided I wanted to jog a little more on a trail I had not been on. This trail was more of a mountain biking and hiking trail. At the start of the trail there was a map that I briefly glanced at. I thought the trail would come out into another trail I had been on before. That was a mistake as I ended up 2 miles out into the woods before another map that I then actually paid attention to. Upon looking at the new map, I noticed that I was at the farthest corner of the park and that if I kept going it was another 1.5 miles that would circle back to where I currently was. With that I knew I needed to go back the 2 miles I had already come to get out.
So as I was running back out of the woods it dawned on me that a lot of businesses operate in this same manner of not paying attention to maps. Their accounting and bookkeeping is put on the back burner and not kept up with. They only pay attention to the accounting and financials whenever tax time rolls around. However, properly setup and maintained accounting can be a road map for you and your business. A business that doesn’t keep up with their accounting on a regular basis is like looking at a map 2 miles into your run and seeing that you could have done something different a while back for your budget, planning, and taxes. In order for your business planning, tax planning, and budgeting to be effective you need to be proactive about your accounting.
One of the arguments that business owners will make is that they don’t have time to keep up with the accounting. Hiring the right accounting & tax professional can ultimately save you more than the fees you pay for the services. In order for your tax professional to not only prepare your tax returns, but to give you some proper business and tax planning you will need to keep up your accounting up-to-date. Make sure you are paying attention to your business road map so that you and your business can be successful. If you have any questions about our services or about this article we would love to help you out. Feel free to contact us.
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