Frank Dinucci Focuses on These Three Reasons Why Entrepreneurs Need Accounting Skills
MIAMI, September 25, 2017 (Newswire.com) - Frank Dinucci has spent years teaching people at institutions and workshops across the county the field of accounting. Lately, he has focused on helping small business owners and entrepreneurs learn the basic skills of accounting. These workshops and classes are saving business owners money and time.
While Dinucci has been implementing more cloud-based accounting during his workshops, he does stress three key reasons why all small business and entrepreneurs need to conduct their own accounting and keep their own books.
"These three reasons are so important to saving precious capital for a small business," Frank Dinucci explains. "And with the advancement of technology and software for cloud-based accounting, these reasons are even more important and relevant in the year 2017."And with the advancement of technology and software for cloud-based accounting, these reasons are even more important and relevant in the year 2017.
1. Making educated predictions on the future of your business
A small business owner or entrepreneur makes predictions through three basic projections: future revenues for the business, future operating costs, and assets needed to service future demand and customers. Keeping your own accounting, especially in a cloud-based structure, lets you have instant numbers and analyzation of your business in seconds.
While noticing trends in the business' numbers, an owner can make educated decisions in supply and what their customers' needs are. In a sense, a small business owner or entrepreneur can shape the needs and desires of customers and transform raw data in a way that changes and shapes the reality of their respective business.
2. Freedom to commit time and energy to important areas of business
To go along with being able to see the future in seconds via keeping your own books, small business owners can also free up time and energy into other important areas of their business. They come to making educated decisions but also being able to operate those new additions to a company.
Conducting your own accounting lets you have information at your fingertips, thus letting you add valuable services for your customers when noticing new trends and influx of revenue. This can go hand-in-hand with eliminating costs that are hurting the bottom line of a business.
This offers up the freedom and time for the company, rather than worrying about revenue and expenses and waiting for your accountant to get back to the owner; they have all this information available in the cloud-based system.
3. Measuring progress of business instantly
Is a business hitting their targets? Are they doing well in one area, but not being a valuable asset the company in another? These all can be measured instantly.
This can translate to accurately measuring results that are tied to individual effort, and you can reward those employees by understanding what is going on in your finances for the company. Keeping morale up in a business is important, and knowing how each individual is performing can factor into decisions for their respective owner.
Measuring the progress of the business in a way that links profits and processes helps your business become more productive because it allows you to highlight and pinpoint problem areas. Tying expenses to those employees responsible and sharing information helps prevent fraud. Transparency leads to more trust and a stronger sense of teamwork between the owner and their employees.
During Frank Dinucci's workshops and classes, he not only stresses the cloud-based accounting but these above-listed reasons for keeping your own books. Dinucci has now expanded where he conducts these workshops, leaving the Chicago area for other areas of the country. And it's paying off.
"We have had such a tremendous reception that we are now planning to take our workshops to various other top cities across the country, such as Seattle and Los Angeles," Frank Dinucci adds.
"We are seeing an ever-increasing number of entrepreneurs."
Source: Web Presence LLC