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Where Entrepreneurs Should Invest their Money First
Written by: Heather VillaArticle Overview: Where entrepreneurs should invest their money first - Where should you invest money when you're investing back into your business? There are so many tools and software choices. Or maybe you should hire more staff? In this article, you'll read about a series of investments that might surprise you – and these might currently be pretty low on your investment list – but they should be much higher, and perhaps even immediate. When you do invest in one of these options, you'll not only be setting your business on a firmer foundation, but you'll also be opening your business up to much greater opportunity.
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Where Entrepreneurs Should Invest their Money First
Where entrepreneurs should invest their money first
Knowing when to invest into your small business, and knowing what you should invest in, is not easy. Entrepreneurs have a myriad of opportunities vying for every single investment dollar. Should you buy this tool? Should you buy that software? Should you hire staff?
One investment that gets overlooked early in the business (and is usually invested in much later down road) is an accountant. Early in the life of the business, the entrepreneur might just use pen and paper and a shoebox to do their financials. Then later, they might invest in computer-based or web-based bookkeeping software. And later, perhaps they might bring an onsite or virtual bookkeeper on board.
There is some advantage to using the computer-based or web-based software… if the business owner has the time to input the numbers themselves (or if they have an assistant who can do it for them). And, there is some advantage to hiring a bookkeeper to take care of the books. Either of these two options is a good, lower cost option (and definitely superior to the "shoebox" method). The advantage, of course, is that the software or the bookkeeper can bring some order and structure to the business' financials.
While the software and the bookkeeper are investments into the business owner's sanity, the accountant is actually an investment into the business' longevity and profitability. That's because a bookkeeper, like the software, is just about maintaining order but an accountant is about developing insight and uncovering opportunity.
A bookkeeper will punch the numbers on the calculator and deliver nice, clean books to you. An accountant will deliver your books to you and point out where you can lower expenses, how you can raise revenue, what growth opportunities exist, and what challenges you'll face in the near and distant future. As well, they'll help you through the complex process of taxes.
(Now, I should note here that this article is NOT disparaging bookkeepers. They have an invaluable role in an organization and they can bring a certain level of helpful insight to the business owner. However, the accountant is certified to deliver more insight in more ways.)
So, what should you as a business owner invest in? Early on in your business you should consider a bookkeeper or some bookkeeping software, just to keep the books in order. But as early as possible you should consider bringing in an accountant who can deliver the insight you need to grow.
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About the Author: Heather Villa RSS for Heather's articles - Visit Heather's website Heather Villa, CEO, CMA, MBA, MSM - Heather Villa helps businesses excel. Heather delivers compelling insight to her business clients, which is drawn from her education and experience. As a perennial student of business, she has achieved numerous degrees and certifications including a B.A. in Business Administration (with a minor in International Business), a Masters in Business Administration, a Masters of Science in Management, a Certified Management Accountant designation, and an Intuit QuickBooks™ Certified Pro Advisor certification. As a business expert, she has founded several successful companies including her own consulting firm as well as the accounting firm IAC Professionals. In the capacity of business consultant or accountant she serves clients across numerous industries and in several countries around the world and is an in-demand coach in the area of productivity, implementation, and social media. She is a sought-after start-up guru with ideas and connections that turn concepts into reality. Understanding and empowering business growth is Heather's ultimate goal so it's no surprise that her educational and business accomplishments help to drive her clients' success. Click here to visit Heather's website How To Survive Tax Season Incorporating Outsource Staff into the Routine of your Office How to Make Your Entrepreneurial Dream a Reality Trying To Go it Alone Why It Is Less Productive To Work Alone The Top Business Best Practice |
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