One of the major problems we see in small businesses is lack of engagement by the owners. You can outsource responsibilities, but you can’t outsource concern. Having the knowledge and ability to stay involved and engaged is one of your greatest assets in fighting off employee theft, legal exposure, tax audit risk, and other business risks.
As a business owner it is easy to overlook what is happening right under your nose at your office. You run your business, but you hire others to handle a lot of details. Those who handle your bookkeeping and payroll have a great vantage point to help you run your business. They may be the biggest asset you have. Trusting them implicitly is great, but it can leave you a little out of the loop on some things. We want to give you some tools to get yourself back into the loop and provide some oversight without having to get too deep into their work.
We have devised this set of questions for you to ask those managing your finances to help you stay on top of things.
If you are a business owner and you would like more information about these questions, or what kinds of answers to expect, contact us at thinknextstep.com.
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Our blog is intended as a tool to keep people informed about relevant tax and accounting issues. If you have a question or an idea for a post, let us know!