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- The necessity of proper accounting for any business.
- Introduction of Chris Hervochon, CPA, CVA LLC and the discussion topic.
The Importance of Accounting
- Essential for federal, state, income, sales, and payroll taxes.
- Supporting business decisions through understanding numbers.
The Options for Handling Accounting
1. Do-It-Yourself (DIY)
- The cost of your time.
- The risk of inexperience.
- Talent acquisition cost.
- Salary and benefits.
- Accounting software cost.
- Retaining talent.
- The option to send it to other companies.
- Comparison of in-sourcing and DIY with outsourcing.
The Cost Analysis
- A breakdown of costs from low-end bookkeepers to CFO level.
- Fully loaded cost with benefits.
- Monthly costs, including software needs.
- Examples of general ledger software, payroll providers, sales tax tracking, inventory management, and expense reporting.
- What outsourcing accounting might cost in different scenarios.
- The need to choose the right option based on your specific business.
- The importance of considering all factors and understanding the real cost behind each choice.