Helping SMBs Achieve Success: Programs Enhance Accountant Controls & Data Integrity Features
Accountants who provide services to small businesses frequently find themselves in the role of diagnostician, trying to find out why a particular client is hemorrhaging cash and what the short- and long-term chances of survival are for the company. They also assist in determining what strategies will best brace the entity and help develop financial processes that are sound and grounded in solid accounting practices. This is a critical role because when challenges are recognized early enough, problems can be averted or minimized.
But still, a 2007 study by the Bureau of Labor Statistics cites that more than half of small businesses (56 percent) fail before lasting four years. Among the most failure-likely industries are hospitality (particularly restaurants and bars), transportation and apparel. While these sectors may stand out as the most vulnerable, all small businesses are at risk since they face a myriad of challenges such as cash flow, budgeting and strategic planning. And they frequently rely upon individuals with limited financial and business management experience.
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2 comments:
A good accountant is essential to a business. I recommend that even before starting a business an accountant and a lawyer are your first choices.
Too often the are only called in to assist at the burial.
Steve Coleman
http://www.businessmanagementbasics.com
A good outsourcing company can help their clients in many ways to keep track of their records, which usually get piled up in a normal office scenario, in the areas of book keeping, accounting, financial reporting, content digitization etc. with perfection.
Regards,
Back Office services
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