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5 Stages Businesses Go Through Before Realizing They Need Accounting Help
Accounting isn’t as easy as it may sound. Oftentimes, people find it to be cumbersome. Taking help of a software to perform accounting and bookkeeping tasks can be equally distressing. Listed below are the five stages that businesses usually go through prior to learning that they require the accounting help of a professional service provider.
Recognizing the Evolution: Five Stages Preceding the Need for Accounting Assistance
Stage One: Excitement at its peak
You run a business and you’ve started earning profits. The Microsoft Spreadsheet wherein you used to maintain your accounts does not seem to work anymore. But, no problem! We live in a digital age where we can learn anything we practically want to. And here’s what you believe:
‘’I’m going to make it happen. This is my dream business and I can figure things out on my own. How difficult can bookkeeping and accounting be?”
Stage Two: Dwindling optimism
Your business is picking up the pace, which implies so would be your finances. You have started getting more people on-board to work for you, which implies they are going to be on the payroll. You find it hard to balance between all those client meetings and managing your team. And here’s what you believe now:
“Dear Lord! I am going to take control of all my accounting as soon as I get time and it would be real soon.”
Stage Three: Anxiety and stress
Nothing is happening the way you perceived. You happen to be expanding at a fast pace and you don’t are falling short of time in hand. You, in all probability, have faced a minimum of two below-mentioned situations:
- You are keeping all the revenue generated in a locked cupboard in your office.
- You are pondering over, “Where have I keep that invoice(s) again?”
- You are comforting yourself thinking that at least my office power supply hasn’t been cut out yet.
- The office of the State Revenue recognizes you by your business name and they don’t seem to be happy when they recall your business.
- You have switched your business entity type 2-3 times within one year and everything felt exactly the same, each time.
Stage Four: Give up
You now come to a realization that there is something seriously wrong with the way your books are handled and your accounting seems to be really messed up. You put everything aside and take out time to analyze your business financials. You review your Spreadsheet and this happens:
“What was I thinking? I don’t think I can do this and I must look out for other ways to sort out this serious issue.”
Stage 5: Exploring other options
You now understand that accounting is not your core responsibility and it must be assigned to someone reliable, cost-effective and efficient. When exploring options, you learn that the cost of hiring an in-house accountant is pretty high; however, you still require accounting services. Hey! Why not opt to outsource accounting services? You’ll then look for a professional accounting service provider that is affordable, trustworthy and works in real time.
You choose to outsource accounting and you are stress-free now with your accounting!
At Cogneesol, our team is competent enough to assist you with all your accounting requirements. From basic bookkeeping, A/P, A/R, accounts reconciliation, tax preparation, payroll processing to financial reporting, we do it all for you! To learn more about our financial services, email us at [email protected] or call at +1 646-688-2821.
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