Accounting can be an intimidating and often dreaded part of business for many entrepreneurs. To make it harder, there are many beliefs, stereotypes and false facts flying around the internet that it can be hard to distinguish the facts from the rest of the noise. But, if you don’t understand the truth of a situation, you can risk unfortunate consequences.
To help dispel some of those myths, here are four of the most common myths, BUSTED.
Myth #1: Accounting is only important at tax time.
Fact: Tax time might be the most crucial few weeks for bookkeepers, but it is certainly not the only important time. Actually, it’s necessary that you keep track of your books at all times of the year. If you stay on top of your finances throughout the year, not only will filing be much easier, but you’ll be able to take advantage of growth opportunities while mitigating risks from any source. Staying current on the books is one of the best ways to ensure continuity.
Myth #2: Manual accounting is fine. If it isn’t broke, why fix it?
Fact: Accounting software yields too many benefits to ignore. You are most likely wearing many hats, and accountant is just one of them. Bu you simply don’t have enough time. Many digital solutions are catered specifically to small business needs, which can give owners customizable tools to achieve success.
This means it is a much more efficient option than manual recording, making you more productive and giving you back some of that valuable time.
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