Celebrating National Small Business Week, entrepreneur and attorney Josh Brown of Indy Franchise Law is releasing an episode of his podcast, Franchise Euphoria, each day. On May 3rd, Josh covered accounting – a subject that the majority of entrepreneurs cringe when hearing.
“Oftentimes, the last thing you want to think about is your accounting and your bookkeeping. But, it is oh so important,” Josh says. When starting his business, Josh tried different accounting systems and thought for the most part that he was on top of the accounting side of his business, but then came taxes. “I tried Freshbooks and I tried Quickbooks and I tried all sorts of other options and software. I tried to do it all and manage it all myself. I remember that first year – it was an absolute nightmare when it came to tax season,” he states.
Instead of being able to keep plugging away on his business, Josh had to back track and take care of the things he thought he was doing – organizing receipts, expensing, etc. “Unless you make a concerted effort and have an actual plan, it (accounting and bookkeeping) fall by the wayside,” Josh says.
After this experience, Josh decided to take further action to ensure he wouldn’t experience this ‘nightmare’ ever again. Josh decided to work with a virtual accounting team, Kahuna Accounting (thanks for the shout-out Josh!) to have trained accountants who were dedicated to the financial side of his business look out for his finances. He now has everything he needs from a statement and record standpoint ready to go at the start of the year. Josh now says, “My taxes are as easy as pie.”
He shared this message with fellow entrepreneurs during the episode:
“Don’t put yourself through a miserable experience, just know and learn from the others who have gone through it ahead of you. Don’t make the same mistakes. Whether it’s Kahuna Accounting or another accounting company, the point of this episode is that accounting is very, very important in a business. Numbers are important. They can tell a story, and I think oftentimes people think of accounting as plugging in numbers and that’s it. Really good accounting and paying attention to numbers tells the whole story of your business.”
Josh concludes by saying, “At least find somebody or some system that you’re going to utilize on a regular basis to make sure that you don’t have a situation where at the end of the year you’re running around in a very frantic way trying to make sense of all of the things you didn’t account for during the year.”
The entrepreneurs behind Kahuna Accounting know all too well the pains and nightmares that Josh Brown experienced during the start of his business. If not proactively planning and managing finances, the accounting side of your business and your level of preparedness come tax time will be a complete mess. Whether you decide to give Kahuna Accounting a chance to help your small business or work with a different team, we strongly urge you to find a financial system that works for you and your small business. Accounting is the language of business, and if you don’t know it, at some time you’re going to be caught off guard.
Thanks again to Josh Brown for mentioning Kahuna Accounting during this episode of Franchise Euphoria and a happy National Small Business Week to all!