Business Tips

Don’t Do Your Own Eye Surgery

Who would think of performing surgery on their own eye? Well, believe it or not, the same sort of thing happens all the time with small business owners.
They make crude attempts to write their own contracts and leases, file their annual IRS return, and do their quarterly financial statements without ever passing the Idaho Bar or the Certified Public Accountant examination. We have a saying at the Small Business Development Center that goes “friends don’t let friends do their own accounting or legal work”.
Accountants and attorneys are essential in managing the risk in every small business. They have expertise and experience that goes far beyond that of the average small business owner. You would be surprised to see how inexpensive legal and accounting services are as compared to a lawsuit or IRS audit. Think of them as a cost of doing business. So remember, that contract or lease you downloaded from the Internet may not stand up in court. And, don’t you want those business financials to be timely and accurate? The IRS isn’t known to have a great sense of humor.