Bohemia, NY (PRWEB) December 19, 2013
Lawrence Teicher, founder of CFO Consulting Services, responds to an article published by Main Street, which explains that small business owners have a false sense of knowledge about accounting.
According to a December 2nd Main Street article titled “IRS Needs Help to Improve Small-Business Audits, Official Says,” a Staples survey revealed that the vast majority of small business owners claim they are confident about managing their finances, however only 45 percent were able to define the most basic accounting principles.
In addition, the article says 28 percent of small business owners lose sleep over cash flow and 48 percent of owners pay others before paying themselves. These statistics lead experts to believe that small business owners lack the accounting skills needed to properly run a business. This problem is especially concerning for Millennials.
In the article, Steve Strauss, small business owner and president of TheSelfEmployed.com, says, “A firm understanding of finances and business performance is crucial for a small business to be successful. Managing finances is a challenging process, and many business owners are often unaware of the tools and resources available that can help them make smart decisions and ultimately, improve their bottom line."
Lawrence Teicher, founder of CFO Consulting Services, agrees that most small business owners are operating with a lack of accounting knowledge. “Accounting is a skill that every business owner should try to obtain. If you are a business owner without expertise in accounting, you should really look into accounting options. Small businesses with extra funds can hire a part time CFO to interpret and translate the accounting reports for them. . CFOs help small business owners make changes to their business to improve their efficiency and profitability. Teicher continues, “I would advise business owners that cannot afford a full time CFO to consider an outsourced, part-time CFO.. With the knowledge they provide, you can greatly enhance your business performance.”
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.