I live in a small community. Not small as in Buford, Wy! “Small” as in I see someone I know almost everywhere I go (around 37,000 city population not including rural areas). Southern Oregon is a great place to live and work. However, being smaller has it’s disadvantages when it comes to small business. This area has a lot of places to go for small business’ to get their taxes done. We even have businesses that will help you with your bookkeeping. However, there is a huge gap between bookkeeping and taxes. I call this gap “The Missing Piece For Small Business'”. Larger businesses have CFO’s, Controllers and other accounting personnel. The small business may have a bookkeeper to input information into an accounting database so that the information can be tracked, so that taxes can be done or they may do it themselves. However, the “Gap” becomes very clear when I sit down with small business owners and talk about their goals and ask them questions about their balance sheet and their profit and loss statement. My favorite response is a gaping mouth and a blank stare.
This “Gap” in understanding how your business is doing financially and understanding your profitability, your assets, your liabilities and the equity in your company is vital. Especially, when you are trying to grow you business. You need this information and you do need to understand it on some level to be able to measure the success of your business growth.
I meet with business owners regularly who need help in making business decisions, need guidance in understanding their financial picture and their bookkeeper is not “that person” or their tax accountant is not “that person”. As a business owner you owe it to yourself to find “that person”, who will help you drive your business to success. “That Person” will help you create goals, look at your financial picture, make recommendations and then will let you drive the decision making process.