If you own and operate a small business, chances are you are used to wearing many hats.
When answering the phone and taking out the trash are all in a day's work, it can be tempting to think of managing the books and filing your business' returns as just another chore to be knocked out as quickly as possible by the busy entrepreneur. However, unlike many other tasks handled by the owner of a small business, success or failure with implementing solid accounting systems can make the difference between bankruptcy and prosperity.
The United States Bureau of Labor Statistics estimates that up to 20% of small businesses fail within the first year—of those that survive, as many as 50% will fail within the first five years. As with any endeavor, planning can mean the difference between success and failure, and there is no professional better positioned to help a small business owner negotiate the difficult decisions of early business ownership than an experienced accountant.
In summary, speaking to an accountant before you need one is much less costly than speaking to one after. From applying for much-needed financing to conversations with an IRS, involving an accountant will literally pay for itself.