As a Westchester business owner, you’re always looking for opportunities to save money. Reducing business expenses is a sure way to boost profitability. One of the areas that Westchester business owners and entrepreneurs always examine closely is professional services. When it comes to accounting tasks, such as payroll, sales tax reporting, and state and federal taxes, can you do the job yourself or do you need a pro?
There is no one size fits all answer to that question. Every entrepreneur and Westchester business owner is different. Some people are far more comfortable with and prepared to do the bookkeeping work that comes with business ownership than others. Every Westchester business owner needs to understand certain numbers about their enterprise: what your assets are, what your liabilities and obligations are, and what your cash flow looks like now and is likely to look like in the near future. The ability to understand these numbers and make good decisions based upon them is far more important than your ability to generate them.
How SCORE Westchester Helps: Expert Westchester Business Guidance
Deciding whether you can handle a particular accounting task in-house or if it’s wiser to turn the job over to your accountant isn’t always an obvious choice. You can save money by doing the bookwork yourself – but there are instances where an error, even an error made in good faith, can be very costly in terms of penalties and fines. This is why most Westchester business owners opt to have their tax preparation and filing done by a CPA firm.
That being said, the ability to do basic bookkeeping in-house is a tremendous asset for the Westchester business owner. Hiring an accountant to do the basic, data-entry type of accounting work your business requires will quickly become very expensive. If you don’t already have the skills to do the job yourself, talk to your SCORE Westchester small business coach about what you can do to learn basic bookkeeping. Seminars, such as this one on Quickbook Basics on October 3rd, can help you get up to speed quickly!