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Getting started
I am constantly working long hours to keep my books in order, and the added stress and responsibilities are negatively affecting my ability to do the things I love with my business; if I can't afford to hire a full-time accountant, what should I do?
First of all, you should be glad you've recognized that you can't keep juggling your duties as a business operator, manager, and accountant without negatively impacting your ability to perform any of these roles well.
As for solutions to your situation, you have a couple of options:
1) To free up time to concentrate on running your business instead of crunching numbers, you should consider outsourcing your accounting needs to a firm who can take care of your company's financial paperwork while treading lightly on your bottom line.
2) If you operate a fairly small-sized enterprise or are in your initial stage of growth, there are many effective accounting software packages available today that can take a huge load off the hands of managers who can't afford a full-time accountant. Simply Accounting and QuickBooks are among the most popular programs, and Reid Hurst Nagy offers training for these and most other accounting software packages as a cost-effective alternative to outsourcing your accounting needs.
Please call 604-273-9338 today for more information about this topic.
Why do I need to a financial planner?
Financial planning has at least four advantages.
First, planning helps you minimize surprises while running your business, such as costs you had not anticipated or had underestimated. Secondly, it helps you determine as accurately as possible the investment required to launch and operate your business. Thirdly, you will be able to better estimate the amount of money you may need to borrow to finance further growth in the future and your chances of obtaining capital from a bank or investors will improve dramatically if you have a financial plan for your business. Finally, your plan will show you what the money invested in your business is used for, thus making it easier for you to adjust your spending and expenses to maximize profits.
Whether you need reassurance to dispel doubts or simply to clarify your options, do not hesitate to ask for expert advice. When you are running a business, it is easy to become overwhelmed by all the details; the trained advisors at RHN can alleviate the added pressure of financial planning by analyzing your plans objectively and helping you develop a successful business model based on their vast experience in helping owner/operators like yourself.
Call 604-273-9338 today and find out how RHN has helped so many businesses and entrepreneurs achieve their goals through sound financial planning and management.
What is the right type of financing for me?
Although it may appear that business operators like yourself have a relatively simple decision when choosing between debt and equity financing, there are actually a great deal of alternatives that you should carefully consider.
For most new small businesses, sources of equity financing are generally limited to friends, relatives, and personal contacts. To reach outside sources of financing like a venture capital firm in today's competitive marketplace, it is necessary to have a sound business plan you can present to a potential investor.
Commercial banks are the most common source of short-term financing for new businesses, primarily through short-term operating loans that are generally due between 30 and 90 days. In an effort to encourage potential entrepreneurs and small businesses, many banks and credit unions today offer a variety of loan programs which are granted based on the applicant's personal credentials and credibility, as well as how likely your business is to turn a profit in a reasonable amount of time.
Alternatives to borrowing from a bank include factor companies, commercial financing, mortgage and leasing companies, all of which have specific requirements and terms that you should familiarize yourself with before deciding on sources of financing for your venture.
Call us today at 604-273-9338 to learn more about your financing options, and benefit from our many years of experience helping owners and operators find the capital they need to build successful businesses.
Should I hire a part-time bookkeeper or just buy some accounting software and do it myself?
Most small businesses do not require a full-time bookkeeper on staff, so it is common practice today for business owners to satisfy their accounting needs with an outside firm or part-time accountant; other owners instead purchase and learn how to use accounting software to keep their accounts in order.
Depending on the size of your operation and the number of employees you plan to employ, either option has its own advantages and disadvantages. A common misconception among first-time business owners is that accounting software will magically "do the numbers for you", and cut down the time you need to spend on managing your company's accounts to almost nothing.
While there are many excellent accounting programs on the market today which indeed make bookkeeping a simpler and neater process, the reality is that you (or the designated employee) must still invest the time to set up accounts, input data, interpret and act on the numbers that are produced.
A live bookkeeper can clearly explain any accounting terms you are uncertain about and answer any questions you may have about a procedure or figure. He or she can also suggest ways you may improve efficiency, and offer advice and professional opinions that are not available in software programs.
Whether you need a personal bookkeeper or training for the latest accounting software, RHN has the solutions to help your business reach its financial goals.
Call us today at 604-273-9338 for more information about our wide range of accounting and software training services.
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