Leading CPA & Business Accountant Pauline Ho Exposes Dangers Of DIY Business Accounting - Orlando, FL
Oct 2, 2023
Key Takeaways
- DIY accounting in small businesses can lead to failure and legal issues, according to accountant Pauline Ho.
- Ho warns that entrepreneurs often struggle to keep up with their back office activities, especially business accounting.
- Lack of organization and planning can result in problems with suppliers, tax mistakes, and IRS fines.
- Outsourcing accounting tasks to professionals is recommended, as it saves time and prevents mistakes.
- Small business owners should seek a seasoned accountant who can provide tailored accounting practices for their specific needs.
Top accountant Pauline Ho founder of Orlando’s Laus Consulting Services LLC in Orlando, FL outlines the damage DIY business accounting can do to a small business. For more information please visit https://lausconsult.com
Orlando, Florida, United States - October 2, 2023 —
DIY accounting in a small business is doomed to failure due to a series of issues which could ultimately land a venture in hot water with the authorities, Florida CPA and Accountant Pauline Ho cautioned this week.
For more information please visit https://lausconsult.com/
Today’s fast-paced world is highly competitive, and entrepreneurs always need to keep an eye on the performance of their products and services, as well as customers, suppliers and peers.
But Ho, head accountant at Laus Consulting in Orlando, FL, said that such stresses can often lead to entrepreneurs attempting and failing miserably to stay up to date with their back office activities, primarily the business accounting side of things.
Ho reflected: “The world appears obsessed with DIY today – from skincare to home renovations. But accounting is a completely different ball game that small business owners should leave to the professionals.”
Her reasoning is underpinned by her experiences with entrepreneurs who set about trying to stay on top of their bookkeeping duties, falling behind with their accounting and then abandoning it altogether.
Bookkeeping is the art and practice of keeping track of financial information and transactions, such as purchases, sales, payments, and receipts.
She added: “Not having an organized system can often result in problems with suppliers if invoices are unpaid and difficulty when tax season comes. Inadequate planning in meeting deadlines can lead to mistakes, missed deadlines and ultimately major IRS fines.”
While DIY accounting can often fail, keeping all accounting tasks in-house by utilizing someone else is also not cost-effective, Ho added. “Small business owners think they can save money by not outsourcing their accounting needs to a professional accountant. However, this could - and often does - end up costing them in the long term.”
She added: “At the risk of running IRS infringements or losing out on profits due to sloppy bookkeeping, owners could be wasting their time trying to catch up with their accounting needs or fixing mathematical errors.
“Time and effort spent on the business administration and accounting of the company could be at the risk of taking their eye off the ball and failing to address more important issues, such as business expansion and company performance.”
According to the Orlando accountant, small business owners are best advised to seek a seasoned accountant or CPA who can use the best accounting practices for the particular needs of that business.
She concluded: “Employing a trained accountant will bring many benefits, not just keeping the accounts straight. More importantly, it will give the entrepreneur more time to concentrate on other important tasks.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Pauline Ho
Email: Send Email
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814
Phone: 407-401-9768
Website: https://lausconsult.com
Release ID: 89108610
In case of encountering any inaccuracies, problems, or queries arising from the content shared in this press release that necessitate action, or if you require assistance with a press release takedown, we urge you to notify us at [email protected]. Our responsive team will be readily available to promptly address your concerns within 8 hours, resolving any identified issues diligently or guiding you through the necessary steps for removal. The provision of accurate and dependable information is our primary focus.
More News
As more young couples say yes to lab-grown, are natural diamonds losing their sparkle?
At the end of the day, it all comes down to price. That is why Pat Chung prefers lab-grown diamonds. The 36-year-old Hongkonger says they are much cheaper than a natural diamond for the same quality and size and they are easier to source. “I searched for the exact colour, size and shape that I wanted and sent it to my jeweller,” Chung says, adding that more people are opting for lab-grown diamonds compared to a decade ago. The global trend shows how dramatically the diamond business has changed...
Holiday Travel Swiftly Approaches: Grab These 56 Things Now So You’re Not Panicking Next Month
If you have little kids and are unfamiliar with water-painting books...they are a total game changer. View Entire Post ›
27 Things Reviewers Have Worn On Their Beach Vacations
If you don't have a beach vacation booked before reading this, you might have one booked by the time you're done. View Entire Post ›
I grew up eating bowls of Chinese migration history. You?
The dining table disappeared beneath a lavish procession of dishes. Our family took food seriously. It was sacred, even. Dinner was never merely about eating. It was the one time each day when everyone was expected to gather, regardless of schedules, moods or whatever else the world demanded outside that room. At the centre sat the pièce de résistance: a whole steamed fish, usually sea bass, topped with ribbons of ginger and spring onion in a fragrant pool of oil and soy sauce. Alongside it were...
How China’s macabre practice of human sacrifice in burials came to an end
Archaeologists have long found a disturbing pattern in the graves of ancient rulers: the dead were sometimes accompanied by other dead. Around royal tombs, the remains of people – who appear to have been killed specifically to follow their masters into the afterlife – lie alongside precious objects and weapons. A new study from Egypt has brought this practice back into the news. At the ancient royal cemetery of Abydos, archaeologists re-examined the skulls of people buried around the tombs of...
Hong Kong rugby player and cancer survivor on why screening is key even for young and fit
When Sonia Chandiramani lost her mum to ovarian cancer in 2017, she found solace in an unexpected place: the rugby pitch. “I was spending five nights a week with my team, plus weekends,” says the 33-year-old Chandiramani, who had been playing since she was 14. “It was my second family. “At her funeral, people showed up, and it meant a lot,” she says. “It’s just a reminder that there are more families than just your family.” Two years later, Chandiramani and some fellow players established...
Martial arts action franchise Street Fighter is back … but who is its star Callina Liang?
Despite two much-maligned live-action film adaptations inspired by the popular fighting video game Street Fighter in the past several decades – its namesake 1994 film and Street Fighter: The Legend of Chun-Li (2009) – it seems Hollywood has yet to give up on the franchise. Paramount Pictures just premiered its live-action reboot film Street Fighter starring Andrew Koji, Noah Centineo, Jason Momoa and Callina Liang. The film’s plot follows the game’s fighter avatars Ryu (Koji) and his estranged...
8 top grooming tips, featuring Romeo Beckham’s hair, Dior and Chanel
Here are ways to keep yourself looking good and feeling fresh as we move into the cooler months. Our latest round-up of product releases from the world of beauty covers all the bases, from skincare and hair, to fragrances. Plus there’s a look at the undeniable cool of David Beckham’s second son, Romeo. Chanel Fans of Bleu de Chanel – the cooling scent remains a highly coveted men’s fragrance – can spray on the matching deodorant (HK$320) to ensure a harmonious olfactory profile throughout the...
ITA Airways Returns to Venezuela as Lufthansa Group Builds Rome Hub
ITA Airways will restore nonstop Rome–Caracas service after nearly 12 years, adding another major long-haul link as diaspora demand, Italian business ties and Venezuela’s aviation recovery gather momentum. The post ITA Airways Returns to Venezuela as Lufthansa Group Builds Rome Hub appeared first on Business Traveller.
Measles outbreak declared over in Manitoba
A measles outbreak first declared in Manitoba more than a year and a half ago is now over, the province says.
Ontario toddler survives rattlesnake bite, partly thanks to 18 doses of antivenom
A 15-month-old boy from Sarnia, Ont., is recovering at home after being bitten by an eastern massasauga rattlesnake on the Thanksgiving long weekend while visiting a family cottage on the Bruce Peninsula. The bite required treatment at two hospitals and 18 doses of antivenom.
Cook Islands Named Oceania’s Leading Island Destination for Fourth Consecutive Year
The World Travel Awards recognise and celebrate excellence across the global travel and tourism industry, with winners selected through voting by tourism professionals and consumers worldwide. “This award reflects the hard work of everyone across our tourism sector, from accommodation providers and tour operators to our airline partners. Above all, it recognises our people, whose warm hospitality makes the Cook Islands what it is.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.