Skip to main content Skip to search

Accounting Challenges And Fears Among Business Persons

Let’s discuss your fears. Cost aversion, fear of lacking information, and change phobia are all common Challenges and fears. Fear in one or more of these areas often holds businesses back. It’s not always the dread of the unknown on the other side that prevents you from moving forward. In this blog, we’re going to discuss some of the most prevalent anxieties about accounting we hear on a regular basis.

The Aversion to Change

Our clients frequently come to us after years of having their books done the same manner. When a firm is at an early stage, it is common for a family member to undertake the duty to manage the books. Others may rely on a long-serving part-time bookkeeper who spends a few hours each month closing the books.

When a company with that type of history shows up on our virtual doorstep, one of the top worries we see is the fear of change. While it’s often the reason they came to us in the first place (they needed a change). The prospect of actually moving away from what they’re used to might be daunting. Even something as basic as getting up and jogging with us can bring a lot of fear and anxiety—will this change cause stress and strife? Is it truly worthwhile?

While we’d want to think we’re always “worth the change,” the truth is that it depends on your situation. The fear of change should be less than the concern of insufficient accounting for organizations that have actually outgrown their accounting.

Fear Of Lacking Information

The fear of information is one of the most intriguing phobias we encounter. Most of the time, this anxiety stems from the business owner’s deep sense that the books. Or perhaps the accounting in general, aren’t up to par. As a result, there are growing concerns about what the figures may disclose once the books are corrected and brought up to date. You might even believe that “not knowing” is preferable.

Except, of course, this isn’t true. Businesses might fail due to inaccuracies in accounting, and judgments made based on incorrect data can be fatal. Fear of information is a recipe for disaster in your business, and it necessitates early and frequent correction. If your information has been disregarded for a long time, facing the reality of it might be difficult. Fear is replaced by clarity and assurance that you can make data-driven decisions to build your organization. To assist ease some of the dread of information, our Senior Controllers discussed how they approach both our clients’ data and the engagement with them.

The Cost Aversion

This is a perfectly valid and widespread fear. We frequently hear that we are “expensive” in contrast to perceived competition. To be honest, we value this differentiation. Clients who are looking for truly inexpensive or low-cost accounting should look for another supplier. However, for many people, the cost of services is associated with uncertainty rather than the real amount. And most of it has to do with what you’re getting.

Conclusion:

Every client has a price vs. value discussion, and those who are truly committed to having their accounting drive their business success view the expense of competent accounting as an investment in their future. However, we connect prospective clients with current clients to assist them to appreciate the value. Because sometimes the only way to overcome a fear of expense is to live it.