I was speaking with a client yesterday about setting up his new business. Although he was listening, he really wasn’t hearing what I was saying about the stability of his company finance-wise. I have, and will continue to say over and over again that as long as your finances are not in order; your business will eventually fail to succeed. Does this sound cynical, perhaps a bit too negative? You bet.
Every new business owner is undoubtedly excited about getting out there and doing what they do best. Many times though, they do not take into consideration the larger picture, the financial plan one year, five years, or even ten years down the road. Have you obtained a business license? Have you obtained a tax identification number or do you even need one? Have you opened a business banking account or are you just planning to take the money and put it in your personal account until you figure it out?
The last thing you want to do as a new business owner is work first, plan later. This is NOT a plan of action. If you want your business to flourish, you must plan. I understand that you are great at doing what you do. Perhaps you’re an incredible landscaper or you build fences…you can do these things with your eyes closed. At the end of the day, the last thing on your mind is how to apply an entry to the chart of accounts in a software program you know nothing about.
Are you a bookkeeper? Have you ever been a bookkeeper besides balancing your own bank account? I would venture to guess that you have never set up a chart of accounts in your life – perhaps you don’t even know what a chart of accounts is. Funny thing though, everyone knows who QuickBooks is and the products are marketed as “simple and user-friendly” but I cannot tell you how many calls I receive from clients who can’t get past the basic business set-up using these products.
Take a few moments to research your options. I highly recommend OSI Business Services, http://www.osibusinessservices.com/ for every company out there. The owners of OSI are U.S. Based and are all about personal, in-depth service. I know the owners, I know the staff and I can personally recommend them as the highest quality of service in the United States. Why would you send your most valuable asset out of this country? Do you want to actually speak with someone personally about your accounting?
OSI Business Services gives each and every company their own bookkeeper and CPA who is available via telephone, email, instant messenger. They believe in what they do and they’re all about the business owner knowing how their finances work, not just performing the day-to-day data entry. They want to see their clients succeed in business.
Please review their website and if you have further questions, I will personally see that you speak directly to the owners of OSI to have all your questions answered. Don’t let another year go by without getting your finances in order. This could mean success or failure of your business.