Many firms elect to use outside bookkeeping and accounting services to handle the major aspects of the
record keeping, especially as it relates to government tax filings.
This may be the most efficient use of a business owner's time. To try to be an expert in accounting, and to try to keep up with the changes that occur in the field can be prohibitive for a business owner. So the use of a professional to help design, change, and implement the necessary bookkeeping systems is certainly a viable option.
Decisions on accounting and bookkeeping issues are important for businesses, especially in the early stages. The purpose is two-fold:
1) To meet government requirements, AND,
2) To increase the business chance for success by providing timely, efficient, and informative data with which to make comparative choices.
While it is usually easier to make these choices at the start of the business operation, this is not always possible. Businesses change along the way. In fact, running a business is not a static event; rather, it is a dynamic. These changes may necessitate corresponding changes in the accounting method, year, or bookkeeping system being used.
With few exceptions, it is strongly recommended that a business owner consider using an outside professional for at least some of the decision-making process here. The expeditious use of this type of assistance in the earlier stages of development can go a long way toward achieving the maximum business success possible.