Tuesday, October 14, 2008

Accounting is Critical to the Success of Every Business

There are three primary reasons accounting is critical to the success of every business:
  • Tax Planning
  • Cash Flow Management
  • Management Information
Lets go through each of them in the order above.

Tax Planning

How would you like to be the coach of a basketball team, but were not allowed to see the score, nor the statistics until the end of the game? Does it surprise you that many small business owners run their businesses this way?

Many small business owners just collect all their financial information in a box during the year. After the year is over, they will drop these on a tax preparer's desk, and hope the tax person can figure the assortment of papers out. The tax preparer then does his/her best to sort through the materials, and arrive at the information the IRS is looking for. Then a phone call to the wearied business owner will notify him/her of the damages.

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1 comment:

Brooke said...

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