Is It Time To Hire A Bookkeeper or An Accountant For Your Veteran Owned Business?

Deanna Wharwood

At Deanna Wharwood and Associates, we have two tracks for our clients: Team Phoenix is our Transition Assistance that prepares Senior Military Leadership and their spouses for the job market.

Team Scorpion is for active duty, veterans and military spouses who choose to start their own businesses and want seasoned, proven and reliable coaches, consultants, trainers and mentors at their side for best success. We work with business owners from start-up to their first 6-figures.

Is it Time to Hire a Bookkeeper or Accountant for Your Veteran Owned Small Business?

No small business owner – even those who proudly claim the title “solopreneur” – can manage every task alone. In fact, smart, successful business owners know that trying to do it all yourself will quickly lead to overwhelm and a bad case of burnout.

Still, you need to weigh the benefits of hiring outside help against the cost – not only in dollars, but in your time and frustration level as well.

Hiring an accountant or bookkeeper is no different. Sure, you can probably do your own taxes and manage your own books, but is it worth the time? Probably not.

Simply put, a bookkeeper keeps the books. He or she manages your income and expense records, most often using a software such as Quickbooks.

An accountant, on the other hand, takes this information and uses it to determine how much you owe in taxes and when, and to offer advice on potential tax savings.

Do-It-Yourself Pitfalls to Avoid In Your Veteran or Military Spouse Owned Small BusinessKeeping your own books doesn’t have to be difficult, but there are a few things you need to keep in mind before you make a commitment. First, if you’re not organized or disciplined about it, you’ll be better off letting someone else handle the task. Letting your receipts pile up all month (or year!) is a recipe for disaster.

Also, you need to be sure you fully understand how income and expenses should be classified within your accounting system.

Finally, don’t make the mistake of trying to handle your own tax returns and quarterly tax payments.

Deanna Wharwood leads this team of consultants, also known as Team Scorpion. Her strengths are business strategies, sales and business systems.

She specializes in done-for-you business plans, capitalization plans and marketing plans; troubleshooting and streamlining operations and selling without selling your products and services.

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