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Reasons Businesses Fail

By Sean M. Hugo, CPA

I ran across this article tonight regarding the top ten reasons why small businesses fail.  I have to say that I agree with each of the reasons the author provides.  Note reason number four is poor accounting records.  The author states "many business owners fall under this misconception that an outside CPA firm hired to do the tax return will keep watch over the business".  There is no way a CPA firm is going to be able to look after someone's business who brings in their books one time a year to make matters worse it is the CPA firms most hectic time of year.

Businesses and markets which businesses operate in our changing monthly if not daily.  Our small business accounting package allows us to operate as your part-time CFO.  We will meet with you each month and discuss your financial results and strategic business ideas that will help your company improve its profitability.

For one thing, it is a common -- and disastrous -- misconception that an outside accounting firm hired primarily to do the taxes will keep watch over the business. In reality