Why You Want DIY Accounting Superpowers

As I mentioned in my last post, the first step to getting a better handle on finances is to overcome our fear of facing them in the first place. Yes, it can be scary to sit down and find out what the financial state of our small business actually looks like.

But once we rip off that band-aid, we’ll be in a better position to move forward.

So to encourage you on your own journey, I’d like to tell you about some of the great things a DIY approach to accounting can bring to your business. There will be challenges, of course (and we’ll talk more about those next time), but the pros far outweigh the cons.

And I can sum up all these pros in a nutshell: Learning how to manage your finances will give you superpowers to transform your business into the best it can be.

Yes, really. Controlling your business might not feel like total world domination, but it will still feel great to be able to direct such an important area of your life. 

So what kind of powers am I talking about?

For one, you’ll have in-depth knowledge of every aspect of your business.

You’ll understand where your money is coming from and where it’s going. You’ll be able to track and control every transaction and make sure everything is flowing in the right direction. Nothing can slip past you now!

Speaking of slipping past, how many small business owners trust their accountants so completely that they don’t bother checking the work they’re doing? And hey, as an accountant, I do want my clients to trust me! But I also want to empower them to understand the work I do for them.

While a DIY approach to finances won’t magically turn you into an accountant, it will better prepare you for when you hire one.

These two advantages—really getting to know your business and being able to keep track of your accountant—are already huge steps towards financial control.

Here’s a couple more.

How would it feel to be able to make great business decisions because you have all the information you need on hand? That’s what happens when you delve into your business finances and absorb all that knowledge. You’ll know where and how you can invest to help your business grow to its fullest potential.

That’s right. You get to control your own financial future.

And if that wasn’t all, these superpowers aren’t limited to just running your business. Having these accounting skills will also help you manage your personal finances, and pursue any future business endeavor with complete confidence.

In short, accounting skills are powerful tools for many jobs, no matter where your business future leads you.

So you’ve decided it’s time to delve into some DIY accounting, but don’t know where to start? We’ll be going more in-depth in future posts, but here are some tips to help you dip your toe into the accounting pool:

1. Start looking into accounting software—you don’t have to do all this with pencil and paper! There are some great programs out there geared towards small business owners (Quickbooks, for example), and having a look at some of these is a great first step.
2. Is there a chamber of commerce or small business association where you live? These groups can be a great source of information and support. If not, virtual groups are great too. Sites like Facebook have local and worldwide business groups you can join.
3. If you haven’t already, start thinking about hiring an accountant who will support your desire to learn and be involved in the process. You don’t have to do everything by yourself, and accountants like myself are here to help!

My next post will be on the challenges of DIY accounting (don’t worry, they can be overcome!), but I hope what I’ve shared with you today will encourage you to take that first step towards financial control and freedom.

You can reach me at margo.masri@margomasri.com