Dave Thomas

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Is Your Company’s Accounting Cashing In?

Dave Thomas

July 04, 2016

5.0/5.0 (1 votes total)

When you run a small business, there is little margin for error.

Unlike many bigger companies and their financial pocketbooks, a sizable number of smaller companies have to play things tighter to the vest.

That said one of the most important areas to oversee in running your company is making sure the financial numbers all add up. If they don’t, you could be hanging a “closed” sign on your small business for good.

So, is your company’s accounting cashing in?


Never Underestimate the Importance of Accounting

In hiring the best and brightest mind or minds to oversee your company’s accounting practices, keep these tips close by:

  • Hiring – First and foremost, the person or persons you hire to manage your company’s accounting responsibilities must not only be able to juggle all kinds of numbers, but also have the ability to work well under pressure. Yes, juggling financial numbers can be stressful at times, especially when they do not add up the way you would like them to. Make sure those overseeing your company’s finances not only can handle the heat, but also look for ways to always improve your company’s bottom line. Given most small businesses have tighter purse strings than their larger counterparts, being efficient in where each and every dollar goes for your business is critical;

  • Personal growth – As with all of your employees, how much stock do you put in personal growth? Whether your small business has only a few employees or dozens of them, they all must strive to work together as one. Much of that unity must be found in the area of accounting. You need people who can not only make sure the math adds up for your company, but also spot where possible red flags are. Is your small business spending too much on company travel? Should you relegate some positions within your company from full-time to part-time moving forward to cut down on salaries and having to pay medical benefits? Is your company paying too much for office supplies and other workplace needs? Having people in charge of accounting who can spot potential trouble areas and put forth solutions are two important keys in keeping your small business in the black, not the red. If you feel like those overseeing your accounting needs need more educational opportunities, look at the possibility of having them gain more knowledge in this critical area. You could help them further their education by receiving an accounting degree online. As more and more companies are discovering, sending some employees back to school is not only good for the individual, but it puts your business in good light in demonstrating that your business is willing to help workers grow and further their skills (see more below);

  • Public relations – Lastly, letting current and prospective employees know that your small business is one where growth is encouraged and not downplayed, you make your brand stand out. With today’s economy proving challenging for many workers, it should not come as a big surprise that countless individuals want to work for companies where professional and personal growth are attainable. By offering such growth opportunities, your small business gets known around workplace circles as one where opportunities abound. Face it; such an image will do wonders for not only your brand as a whole, but also as you look to recruit more employees now and in the future. As many companies look just to survive in challenging economic times, your business can expand and be seen as a forerunner when it comes to being a place people want to go work for.


As important as each and every facet of your business operations prove to be, accounting is right up there at the top.

If your accounting needs are not being met, look at those in charge of this critical department.

Do they have the proper amount of education to run such a crucial component of your operation? If not, what are you doing as a small business owner to help guide them to further their educations? Lastly, is it time to account for your actions and refocus them?

In order for your small business to cash-in on all the opportunities that are out there, much of it starts and ends with your company’s accounting department.


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