Transcript of "Is It Time to Hire A Bookkeeper or An Accountant For Your Veteran Owned Small Business?"
Is It Time To Hire A Bookkeeper
or An Accountant For Your
Veteran Owned Business?
At Deanna Wharwood and Associates, we have two
tracks for our clients: Team Phoenix is our Transition
Assistance that prepares Senior Military Leadership and
their spouses for the job market.
Team Scorpion is for active duty, veterans and military
spouses who choose to start their own businesses and
want seasoned, proven and reliable coaches,
consultants, trainers and mentors at their side for best
success. We work with business owners from start-up
to their first 6-figures.
Is it Time to Hire a Bookkeeper or Accountant for
Your Veteran Owned Small Business?
No small business owner – even those who proudly
claim the title “solopreneur” – can manage every task
alone. In fact, smart, successful business owners know
that trying to do it all yourself will quickly lead to
overwhelm and a bad case of burnout.
Still, you need to weigh the benefits of hiring
outside help against the cost – not only in dollars,
but in your time and frustration level as well.
Hiring an accountant or bookkeeper is no different.
Sure, you can probably do your own taxes and
manage your own books, but is it worth the time?
Simply put, a bookkeeper keeps the books. He or
she manages your income and expense records,
most often using a software such as Quickbooks.
An accountant, on the other hand, takes this
information and uses it to determine how
much you owe in taxes and when, and to
offer advice on potential tax savings.
Do-It-Yourself Pitfalls to Avoid In Your Veteran or
Military Spouse Owned Small Business
Keeping your own books doesn’t have to be difficult,
but there are a few things you need to keep in mind
before you make a commitment. First, if you’re not
organized or disciplined about it, you’ll be better off letting
someone else handle the task. Letting your receipts pile up
all month (or year!) is a recipe for disaster.
Also, you need to be sure you fully understand how
income and expenses should be classified within your
Finally, don’t make the mistake of trying to handle your
own tax returns and quarterly tax payments.
Deanna Wharwood leads this team of consultants, also known
as Team Scorpion. Her strengths are business strategies, sales
and business systems.
She specializes in done-for-you business plans, capitalization
plans and marketing plans; troubleshooting and streamlining
operations and selling without selling your products and