When it comes to running your business, you are indisputably the most informed about your business and industry. But what about your business’ finances? For most business owners, there is a sizable knowledge gap and many business owners – especially those starting out on a tight budget – lack the basic bookkeeping skills needed to set up and maintain their business finances correctly. Forty-five percent of small business owners do not use a professional CPA. Instead, they roll up their sleeves to install Quicken or QuickBooks on their computers and do their best to set up a record keeping structure. This comes at a cost: many business owners find themselves struggling to stay in operation, facing revenue loss, underestimated expenses, overpaying taxes, getting audited, payroll and sales tax penalties and bookkeeping errors.
Why Small Businesses Need Financial Coaching
When you engage a full service Certified Public Accountant, you are hiring an expert who will review the internal controls of the business, evaluate accounting software, provide tax advice, and so on. However, most CPAs do not educate their clients on bookkeeping and how to understand their financial reports or tax returns leaving the business owner in the dark about their business finances. This is unfortunate as understanding your own finances is key to a financially successful business. Basic accounting knowledge leads to proper bookkeeping, which helps business owners avoid cash flow and tax problems such as:
- Losing revenue
- Underestimating expenses
- Overpaying taxes
- Getting audited
- Payroll & sales tax penalties
- Bookkeeping errors
Monarch CPA is different. In addition to accurate and reliable accounting services, we also empower our clients with financial literacy courses to help them better understand their finances. Through our ongoing accounting and tax services, we educate business owners on the basics of accounting and taxes, so they are empowered with the information they need to make financial decisions in their businesses. We also teach them the best practices for record keeping so they can more efficiently manage their finances.
We offer online financial consulting to business leaders who want to better understand their business finances and account for success. Discover where your business stands financially and learn professional bookkeeping skills you can apply on your own, whether you rely on a CPA or not. Through a relationship with Monarch CPA we will guide you on how to plan financial strategies for a stronger business, develop meaningful and accurate financials, save on taxes, and more.
For more information, or to schedule an appointment contact Katie Mongelli at Monarch CPA.
Monarch CPA provides full-service accounting and financial coaching with locations in Reston Virginia and in Rockville, Maryland. We serve businesses in the Virginia, Maryland, and Washington, DC area.