Accounting is the vehicle that keeps your company moving in the right direction. Yes, of course, you need to excel at whatever specialization you’ve chosen, but you also need to ensure that the numbers add up correctly, so you stay compliant and profitable. There are a lot of misconceptions about accounting, so it’s helpful to understand the basics. What are some of the most common accounting myths?
I Can Do It Myself
Sure, some basic accounting functions can be done in-house, but it’s best to leave it to the professionals when it comes to your bookkeeping or tax preparation. Tax law is exceptionally complicated law, and even your day-to-day payable and receivables can become overwhelming, preventing you from focusing on what you do best.
Accountants are Too Expensive
While accounting is an expense, it doesn’t have to be an exorbitant cost. In fact, there are accountants at all levels that can fit your specific business needs. Some of them are quite affordable and, in any case, will cost a lot less than a major mistake would cost you over time.
It Only Matters at Tax Time
Some companies only focus on accounting at tax time, which can be a huge mistake. You will spend more time focusing on this one task than you will spend running your business at the beginning of the year. Why put yourself through that year after year when you could hire a professional who will make sure things run smoothly.
An Accountant Won’t Understand My Business
You may also be concerned that an accountant will not understand your specific business. Sure, you’re the expert, and that’s important to run your business, but know that an accountant is also an expert and can give you some additional guidance to make sure everything is compliant when it counts.
My Software Can Handle It
With tools such as QuickBooks, many companies are certain that accounting is easy. But even software like QuickBooks can make accounting overwhelming if you don’t know what you’re doing. There are some cases where the additional money you spend on an accountant will be well worth the investment.
Do you need to Hire an Accountant for Your Business?
Contact NRI Accounting Staffing today to discuss your professional accounting needs and let our expert team take the guesswork out of hiring.