Every entrepreneur knows that managing their business finances is important but doing it properly is hard when you know little about finance management or finance in general. As an entrepreneur it is important to have basic understanding of the different financial statements but this does not mean you should do it yourself.
This is a call out to entrepreneurs to hire qualified individuals to do the job because business growth is dependent on the accuracy of these documents. Omission and inaccuracy can lead to detrimental circumstances.
Hire a Qualified Accountant
I know a lot of entrepreneurs are going to argue that during early days of business they cannot afford to hire a qualified accountant because the business does not have enough money. But there are a lot of qualified graduates who are unemployed that can assist at a very cheap rate.
Entrepreneurs can hire graduates for the day to day updates and once in a month or two find an accounting consultant who can check and give guidance to the graduates and pin point the rights and wrongs. With this the entrepreneur not only solves his/her business problem but is also giving unemployed graduates a chance to gain some experience.
“Killing two birds with one stone”
Having up to date accurate financial statements
Having up to date accurate financial statements is a must for any business. To be honest as an entrepreneur you do not have time to be continuously updating the books.
To ensure that you do not neglect an important aspect of your business you can hire a graduate to do it and have someone qualified to check the progress.
You as an entrepreneur now and again you can check the books to see if everything is accounted for because even though it might not be your job but it’s your responsibility.
If there are omissions, SARS will be chasing after you and not the individuals you hired. Financial management that is not done right has detrimental consequences and no business wants to go through the costly processes that come.