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2020/10/22

Why Getting a Professional Accountant was Crucial to Growing My Company?

Tanvi | Narrated by: Sara

Listen to Sara’s Story

I understood that establishing my online fashion business would be a long-term investment. It’s something that I’m optimistic about, so it doesn’t sound like a job. Yet I didn’t know how much more time I would have wasted from not getting the correct accounting solution in place from the outset.

I’ve been increasing my company consistently over the last few years, which means reliable accounting with limited time commitment from me is essential. I want to concentrate on what I do best: to run my company.

It’s interesting how you seem to underestimate the importance of seamless accounting while you focus on development. Only now do I realize that having to think about your accounts would liberate you from expanding your business more comfortably than ever before.

When manual accounting software disappointed me, I realized I wanted a real way to ensure proper accounting and taxation that didn’t take a massive amount of time to spend. That’s when I found out about AM Audit. Since then, I have never trusted anybody else in my company’s books.

An Eye for Fashion Turns into a Career:

I’ve been designing outfits since high school. Back then, it was just a hobby, but I’ve always been very enthusiastic about experimenting with styles from various regions and mixing and matching them to create a striking ensemble.

But to get through this, I took on some job that could cover the bills. Then, I got a job as a fashion designer for a small business; I earned my break based on the design sketches that I had given them.

Fashion talent has Transformed into a Growing Industry (with unexpected challenges):

I also began a side hustle taking on outfit design assignments while working full-time as a fashion designer. Eventually, I started making enough money from my contract income to quit my full-time employment, which meant that I could concentrate on creating my own business.

I started a partnership with a well-established fashion specialist who had a list of customers. Our collaboration was to concentrate on delivering outstanding value to our customers.

Months later, things weren’t turning out as expected. I took over my partner because, unlike me, her dedication to providing high-quality outcomes to our customers wasn’t there. And I bought the rights for our venture. Since then, we’ve been rising! And growth is projected to accelerate in the coming years.

Growth Turns into an Accounting Nightmare.

Throughout these years, our team has continued to expand exponentially. I recruited a variety of full-time employees and began working with more contractors. That ultimately led to extreme bottlenecks that lost time and money.

Getting a hard time keeping track of your growing success is a “sweet” issue to have, but if you don’t keep on top, it’s going to come back to haunt you, just the same. 

It was challenging to keep up with the manual categorization of our expenditures in manual accounting software. There were problems with their automatic categorization laws. I hired an assistant to help me balance this mess, but all she did was just confusing stuff, which meant I had to take more time to make sure everything was in place correctly. The final result? Even more time and money was lost.

The kicker was, by the end of the year, I’d already been the one who answered our CPA’s questions and made sure he had all the details he wanted.

How AM Audit solved our Accounting Problems

The first thing AM Audit did was assign us a professional Accountant. This was a significant difference from the past plans we were trying to make.

AM Audit’s Accountant did the following:

  • Noted all of our spending patterns and guidelines
  • Got rid of duplicates from a variety of coordinated financial institutions
  • Coordinated with the CPA
  • Just contacted me if it was necessary 

For us, these mechanisms in place ensure that our books are correct every month, and I can actually get out of those complicated, back-and-forth talks with our CPA.

AM Audit even went the extra mile for us, delighting us in the process. The accountant helped get financial documents and statements crucial to securing a business loan, all with no hassle.

How Smoother my Professional life is with AM Audit

I love running my business. That’s exactly what I do best. Thanks to AM Audit, I can now add 100% of my attention to that, which is where my strengths lie. When it comes to juggling my books, their assistance is peerless.

It wasn’t easy to switch from a solo founder to a delegation by recruiting staff and managers. The last thing I wanted was a troublesome accounting. Because of AMA, I now have the freedom to reflect entirely on:

  • Building my business by landing more customers.
  • Managing current customer linkages. 
  • Lead my team.

What I encountered was that professional accounting is an integral part of my company’s growth. If you’re in a similar position as I was — facing exponential growth and having accurate financial records — don’t take as much time as I did to make accounting your focus.

Prioritize it from day one, and you will expand the business more effectively due to the peace of mind and order that comes from getting reliable books.

(Story Narrated by Sara Adn written by Tanvi fal Dessai)

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