What Plays a Bigger Role in Determining the Success of a New Business.. the Economy or the Business?

  • Added:
    Oct 07, 2012
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Human nature often allows us to give ourselves credit for our successes while blaming external factors for any losses we incur. This is common and it’s something that a start-up needs to consider before launching. Regardless, the status of the US economy plays a huge role in the success or failure of any business, but it’s especially true for startups that don’t likely have a big book of business to fall back on. In that case, a bad economy only exacerbates the potential pitfalls that companies face under the best of circumstances. When revenues are low, the IRS will target small businesses because they have to create cash flow one way or another. This is where good NYC bookkeepers can make it difficult on the IRS and save their client’s bacon. So, a bad economy can wreak havoc on the best-laid start-up plans.

On the other hand, a business’ success or failure can often come down to one or two key decisions made, often one of these is what financial representation they work with. So picking good NYC bookkeepers can overcome a lot of other problems, not the least of which is the economy. In a tough market like NYC, many similar businesses are all targeting the same customers and a favorable tax return or well-timed write-off can set apart two companies that are otherwise really close in their design and budgets. The tiebreaker can be a shark-like NYC bookkeeper. For New York businesses trying to compete in the very difficult tri-state area, it is imperative for businesses to have the best financial representation.

Since we accept that having a good chance as a start-up can largely be determined by the success of fighting the IRS and other cashflow outlays. But it’s tricky to find the perfect one that can work professionally and personally. It’s very important to find NYC bookkeepers with relevant start-up experience because there are issues that are only faced by new businesses. It’s also extremely critical to have strong tax experience because new businesses traditionally face more IRS issues than do more experienced businesses. Even given these two critical issues, the main reason that finding a good NYC bookkeeper can be so difficult is because there are so many new companies in that industry and it can be tough to separate a good accountant from one that will get you in more trouble than they will save.

That said, all of these safeguards can be taken and a bad economy can still undo a lot of good work and planning. Sure, finding good NYC bookkeepers is a very important and underrated part of running a new business. There are many ways of finding a new business, but some are more important than others. Only considering NYC bookkeepers that have a good deal of experience is a good way to initially cull down the many possible offerings to choose from. An inexperienced bookkeeper may not have the knowledge necessary to help a start-up. But still, timing is important and it may be worth waiting six months for some economic improvement before jumping in feet-first.

Author's Profile

Gavin Harrison is a free lance writer. Get more information on NYC Bookkeepers, Bookkeeping, New York Bookkeepers, Accounting, Bookkeeper NYC, New York Bookkeeping and NYC Bookkeeper.


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