You're an amazing visionary, you know how to define and conquer goals for your company but your accounting skills are off. We get it after all a recent report shows that 23 percent of business owners still use pen and paper to keep tracks of their spending.
Unfortunately, this can easily hold your business back and lead to some serious legal issues. To avoid this, we've put together a list of accounting skills to give your career the boost you've been looking for.
Enhance Your Accounting Skills and Your Tech Skills
If your idea of accounting is glasses peering behind a calculator, it's time to step into 2018. Managing your accounts today takes a level of technical understanding to clearly keep track of the numbers in multiple areas of your business.
Knowing how to maneuver in-demand accounting software like Microsoft Visual Basic. Advanced Excel, and ERP will all serve in favor of your business in the long haul.
Practice Clear Communication
Accounting isn't all numbers. Holding strong communication skills are vital to know what is being invested where and what's leftover within each budget.
This could mean weekly budgeting meetings, daily receipt emails, or even setting a system in place that requires you to sign off on all extra expenditures. The more you're in tune with where your money is going the less likely you are to be hit with a surprise. This also enables you to make smarter choices that allow you to free up space in your budget.
Organize and Repeat
The old advice to "always keep receipts" has merit. However, if your business is grown it's likely you need a better system in place than a shoebox full of receipts for office supplies.
Invest in a solid scanning and sorting system that allows you to keep track of receipts, amounts, and dates. Come tax season it will keep your head above water and reward you with a hefty return.
Utilize the Right Tools
Think an iRobot style future is years away? Guess again. The robots are here and they are ready to do your accounting. Tools like Ceterus, an accounting solution, uses AI technology to keep track of your accounting for you.
AI technology surpasses standard accounting software, as it can analyze the numbers to give you insightful data you can actually use. In return, you can sleep soundly knowing exactly what your business needs when it needs it on every level.
When in doubt, it pays to be able to say that accounting isn't your strong suit. If you find that accounting software isn't your thing, but you just don't have a way with numbers either, then it may be time to hire an accounting professional.
Try to think past the cost of hiring an extra employee, as an accounting error can result in thousands of dollars. In the end, covering your bases is more profitable than leaving it up to chance.
Need a Little Help?
If accounting skills just aren't in your wheelhouse, then it's time to hire a real accountant. By following a few easy steps to find the right accountant for your business, you'll see a tremendous leap in profit and savings in no time.