Based on SBA reports, it’s still phenomenally tough for fledgling businesses to survive, let alone thrive. Some of the chief reasons why those businesses fail are connected to less than adequate financial planning, lack of accounting knowledge and poor resource management.
On a positive note, all of those missteps are extremely avoidable. Here’s how:
Small businesses that happen to have around $62,000 to invest into labor, may want to consider hiring a full-time certified public account. The services of entry level bookkeepers, on the other hand, tend to be less costly in the short-term. However, if that particular bookkeeper makes a rookie error, it could cost a business owner far more than $62,000. Common mistakes that novice bookkeepers sometimes make include the following:
- Failure to utilize the proper accounting method for the business at hand (i.e. accrual or cash)
- Failure to record expenditures and assets properly (i.e. wages, tips and depreciable items)
- Failure to calculate all applicable taxes and save funds accordingly
- Failure to meticulously reconcile the firm’s accounts each month
- Failure to develop a sound petty cash system
For entrepreneurs that do not have the funds necessary to order a year’s worth of CPA services, there is another option. That option involves purchasing accounting software and enrolling into a QuickBooks training course. Prices for QuickBooks training courses tend to start at a modest $99. The training courses also vary in length, subject matter and location.
Take the Quickbooks training courses available in South Florida for example. They range from a four-hour introductory Quickbooks course to a three day, comprehensive course that ends with certification. The basic Quickbooks class typically costs $99 whereas the QuickBooks certificate course costs $499. Entrepreneurs would do well to choose the QuickBooks certificate course. It covers the areas where most common accounting mistakes are made (i.e. payroll, inventory management, A/R, A/P and financial reporting).
The other great thing about QuickBooks training courses in South Florida is that they may be done at the small business owner’s location or at an offsite training facility. The company also provides complimentary online materials and remote access support. Want more information about how QuickBooks training courses in South Florida can help your small business thrive? Contact us at 1-954-633-2718 or use our online live chat option.
