Small business owners and entrepreneurs often find themselves dealing with two separate yet related issues: One is the trouble of doing their own books (including navigating the complex tax system) when that’s really not a core competency and takes them away from things they actually got into business to do. The other issue is finding and making the case for the financial resources that will help them grow.
It’s tough having to wear every hat, says LaMar Van Dusen, who founded and leads Phoenix Management, an Ontario, Canada based full-service accounting and financial firm that also provides a range of business advisory services. Notably, Phoenix Management provides business owners flat-fee accounting services, which frees business owners of the worries of add-on or hidden costs. Despite the services offered by companies like Phoenix Management, too many small businesses and entrepreneurs either don’t know or are reluctant to tap into outside experts who can help, according to LaMar Van Dusen.
One study by business management software firm Sage North America showed that 40 percent of North American small businesses don’t even use an outside accountant. Those that do use them, don’t tap into their full scope of capabilities: Only 33 percent use them for financial planning and 25 percent for business consulting.
Having trusted advisors to help guide startup companies is important and can take some of the weight off. These advisors can be qualified bookkeeping services or individuals; CPAs with a focus on small businesses and a love for tax code; outside business consultants and even banking professionals; all of whom the business owner or entrepreneur can establish a relationship of trust.
Read LaMar’s full interview HERE.