Roy Gilbert

Why Business Owners Need to Stop Doing Their Own Accounting

The pandemic made us all realize just how important having a good accounting framework in place is for small- and medium-sized businesses.

Sadly, I saw so many of my clients struggle with the basic know-how needed to fill out the forms and paperwork required for Payroll Protection Program and Economic Injury Disaster Loans. For some, it cost them their share of badly needed money. For others, even more headaches at a time when they couldn’t afford them.

Yes, the paperwork was complicated and confusing, but the onus is on you, the entrepreneur, to take advantage of opportunities that present themselves. How can you make good financial decisions without knowing exactly what your numbers are?

Can you imagine watching the NBA playoffs and seeing your team’s star player running up and down the court with their shoelaces untied? How would that make you feel? Nervous? Scared? Worried? Well, that’s exactly how I feel when I come across entrepreneurs who don’t have control of their bookkeeping and accounting.

This isn’t a new issue. In 2014, I suggested the creation of Accountants for America, which would be modeled after the Teach for America nonprofit. Recent accounting graduates would gain hands-on experience and valuable work references. Simultaneously, the small businesses would be able to get their bookkeeping in order at a presumably lower rate than hiring a seasoned professional.

We could use Accountants for America now more than ever!

A small business owner who isn’t current on their financials is at a substantial disadvantage in more than just funding […]