Although entrepreneurship is a dream that many people want to realize, the lack of preparation for this challenge can cause bad decisions to be made in the administration of a business. Hence, ensuring good accounting management is an indispensable element in the foundation and development of a company.

You certainly recognize the importance of accounting, as it is an area that relates to billing, money flow and taxes, among other aspects. In addition, it is a basic requirement to formalize a business. Despite this, there are still many people who deprioritize it and decide to attend to other areas of their entrepreneurship.

According to information from the National Institute of Geography and Statistics (INEGI), 99.8% of businesses in Mexico are Small and Medium Enterprises (SMEs). Of this group, only half have a formal record of their accounting, while the rest do not know how to keep track or simply do not do it. This shows us that there are still many people who have not yet benefited from the strengthening of this area.

What type of accounting suits you best?

As an entrepreneur, you’re likely to have limited resources and be cautious about your spending. Therefore, you must think very strategically to know where you should put your money. If you have already decided to formalize your accounting area, remember that you do not need to be an accountant to achieve good results. You just need to find out which services best suit your needs.

Here are some reasons why you should integrate an accounting service immediately:

You will have greater clarity about the status of your company

Keeping a good accounting allows you to order the movements of your company and find out how profitable the operation of the same is. If you are not clear about how your money moves, then it will be very difficult to implement improvements such as reducing costs or detecting capital flight.

You will be able to make strategic decisions

If a company wants to grow, it must have defined and realistic objectives. That is why accounting information allows us to determine which purposes are achievable and which others are beyond our means. Without this data, we run the risk of betting our resources on goals that would affect business productivity.

You will attract investors

The balance sheet, cash flow and income statement are some of the financial statements that will help you evaluate the potential value that your company can achieve and, consequently, know its expected return. This information is vital for any investor, since you will be telling them that your business is profitable and, therefore, it is an attractive option to inject capital.

You will avoid problems

An efficient accounting area will allow you to fully cover the tax obligations imposed by the authority and will keep you updated against any changes. By keeping all your papers in order, you will not have to worry about fines, nor will you run the risk of the Tax Administration System (SAT) detecting any irregularity in your operations and asking you to be accountable.

You will make your business grow

Accounting is necessary for any company because it allows you to objectively know its financial well-being, which will make sustained decisions that seek the improvement and growth of it.

Therefore, options such as Enconta can be a good investment, since its digital platform allows you to check the status of your company from any device, while its team of expert accountants will provide you with the necessary support to keep your tax affairs in order.

Finally, do not forget that before opting for traditional accounting, investigate what the market has for you.