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I need some feedback from business owners!?
I am currently writing a paper on how accounting helps business owners. I need some feedback from you (business owners or accountants) explaining how accounting helps you run your business, so if you can provide instances in which accounting has helped you, that would be a great help. (I need this feedback in order to provide specific examples, NOT to write the paper.) Thank you in advance
2 Answers
- 1 decade agoFavorite Answer
Good accounting in CRUCIAL. One example is how do you set your costs? You need to know how much in raw material is needed, shipping, utilities, labor, insurance, taxes (COGS) before setting your costs. You constantly have to check it because costs fluctuate. Our shipping has really increased due to gas prices. If you do not have a handle on your current expenses and arbitrarily set a price, you could work for nothing, or worse yet, lose money with every job.
Is that what you are looking for? Good luck to you
- 1 decade ago
It's really important to keep track of income and expenses. I am in the process of buying commercial real estate and the bank needs very detailed paperwork (balance sheets, income statements, etc.). An accountant or accounting program would've been very helpful!
Source(s): small business owner
