Avoid Making These Financial Planning Mistakes at Your Business
If 2019 is the year you have decided to start your new business at the Lake of the Ozarks, congratulations! Our accountants in Mid Missouri would like to wish you the best of luck on your new endeavor. Anytime you are starting a new business you should always talk to an accountant in Central Missouri first. An experienced accountant can point you in the right direction and advise you as to whether or not this a good idea. Wilson Toellner CPA is here to give you a few financial planning mistakes to avoid at your business. To talk to Wilson Toellner CPA and get advice about your business, please give us a call. Our phone numbers to each CPA firm in Missouri that we have can be found on our website at www.WTCPA.com.
Expanding Your Company Too Quickly
As they say, "Do not peak too soon." Too often companies will hire too many people too soon. You need to wait for your company to grow and become more profitable before you expand your staff. Otherwise, you run the risk of hiring too many people and having to lay some off. Also, staffing costs alone can really start to add up after a while, so you need to find a healthy balance for your company. An accounting professional in Mid Missouri can help you do that.
Not Having Contingency Plans
This can be very hard to think about but do you have a plan for if a key member of your team passes away unexpectedly? You should consider a life insurance policy that can help in these sorts of situations. Losing a key member of your team would clearly be heartbreaking and potentially costly.
Handling the Accounting Side of Your Business Yourself (If You Don't Have the Experience)
We understand your business is yours and you take great pride in running it by yourself. There is no shame in asking for some accounting help though from people that have the experience to do so. If this is your first time running a business and you don't have the training or experience to handle the accounting side, you should consider calling an accountant in Central Missouri to help you before a costly mistake is made.
Not Pricing Your Products Correctly
Not fully understanding your market, which can happen with new companies, can cause you to not price your products correctly. This can be a serious financial mistake because if you price them too high, you may not make enough sales if you price them too low, then you may not be making enough profit. Do your research on the industry and know your competition.
Providing financial information to our clients in a timely and accurate manner is what we do. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
Let us help you make 2019 a great year for your business! Visit our website at www.WTCPA.com today for more information.
Avoid Making These Financial Planning Mistakes at Your Business
Expanding Your Company Too Quickly
As they say, "Do not peak too soon." Too often companies will hire too many people too soon. You need to wait for your company to grow and become more profitable before you expand your staff. Otherwise, you run the risk of hiring too many people and having to lay some off. Also, staffing costs alone can really start to add up after a while, so you need to find a healthy balance for your company. An accounting professional in Mid Missouri can help you do that.
Not Having Contingency Plans
This can be very hard to think about but do you have a plan for if a key member of your team passes away unexpectedly? You should consider a life insurance policy that can help in these sorts of situations. Losing a key member of your team would clearly be heartbreaking and potentially costly.
Handling the Accounting Side of Your Business Yourself (If You Don't Have the Experience)
We understand your business is yours and you take great pride in running it by yourself. There is no shame in asking for some accounting help though from people that have the experience to do so. If this is your first time running a business and you don't have the training or experience to handle the accounting side, you should consider calling an accountant in Central Missouri to help you before a costly mistake is made.
Not Pricing Your Products Correctly
Not fully understanding your market, which can happen with new companies, can cause you to not price your products correctly. This can be a serious financial mistake because if you price them too high, you may not make enough sales if you price them too low, then you may not be making enough profit. Do your research on the industry and know your competition.
Financially Plan for Your Business the Right Way with Wilson Toellner CPA
Providing financial information to our clients in a timely and accurate manner is what we do. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
- Computerized payroll services
- Business tax return preparation (Sales & Use/Business Property)
- Personal financial statements
- Litigation support
- General ledger & financial statement preparation
- Bookkeeping (Monthly/Quarterly/Annual)
- Accounting system setup for new businesses
Let us help you make 2019 a great year for your business! Visit our website at www.WTCPA.com today for more information.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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