Accounting Pain Points for Business Owners – and How Much Time It's Really Costing You

1. Lack of Time

Business owners wear multiple hats—sales, operations, HR, customer service—and accounting often falls to the bottom of the priority list. When deadlines loom (think tax filings, payroll processing, or financial reporting), the scramble to organize financials creates stress and often leads to costly mistakes.

2. Confusion Over Financial Records
Without formal accounting training, managing a chart of accounts, balancing ledgers, or reconciling statements can be confusing. Many business owners simply don't know if they're categorizing transactions correctly, which can lead to inaccurate financial reports.

3. Falling Behind on Bookkeeping
Bookkeeping requires consistency. When business owners get busy, they may skip reconciling bank accounts, recording expenses, or updating invoices—resulting in a backlog that becomes harder (and more expensive) to fix later.

4. Missing Tax Deductions
Disorganized or incomplete records can cause business owners to overlook valuable deductions. Overpaying taxes because of incomplete books is more common than you think.

5. Difficulty in Securing Funding
Incomplete or inaccurate financial records are one of the biggest reasons small businesses are denied traditional funding. Without clean profit and loss statements, balance sheets, and cash flow projections, lenders view businesses as too risky to finance.

For a business doing approximately $50,000 in monthly revenue with more than 75 transactions a month, bookkeeping is not a small task.

Here’s a realistic breakdown of the average time commitment business owners typically face each month managing their own accounting in-house:

Tasks with the Estimated Monthly Hours:

• Recording and Categorizing Transactions: 8-10 hours

• Reconciling Bank and Credit Card Statements: 3-5 hours

• Preparing Invoices and Managing Accounts Receivable: 4-6 hours

• Managing Accounts Payable: 3-5 hours

• Reviewing Reports and Financial Performance: 2-3 hours

• Preparing Tax Filings and Compliance Work: 2-4 hours

Total Estimated Time: 22–33 hours per month

For business owners who are able to be consistent, that’s roughly 5–8 hours per week—the equivalent of an entire workday lost every week just managing the books. And this doesn’t include the additional hours spent fixing errors, chasing down missing information, or responding to accountant and lender requests!

Imagine what you could accomplish if you could reclaim that time and reinvest it back into growing your business, improving operations, or strengthening customer relationships.

If you're spending 20+ hours per month on bookkeeping, struggling with outdated records, or feeling unsure about your financials, it's time to bring in professional support. Outsourcing your accounting and bookkeeping ensures:

• Your financials are always accurate and up to date.

• You’re prepared for tax season and funding opportunities.

• You have reliable financial reports to make smarter business decisions.

• You free up valuable time to focus on strategic growth.

At BusinessPoint Partners, we offer Managerial Accounting and Monthly Bookkeeping Services designed specifically for growing businesses. We handle the setup, maintenance, and monthly management of your accounting systems, ensuring full compliance and strategic insights without the hassle.

Our services include:

• Monthly bookkeeping and GAAP accrual accounting

• Setup of accounting policies and systems

• Financial reporting and cash flow tracking

• Employee training for accounting software

• Business tax preparation and compliance support.

Ready to stop drowning in receipts, statements, and spreadsheets? Let us help you take control of your business finances and reclaim your time.

📞 Call us today or email info@businesspointpartners.com to get started, or visit our Contact page to schedule a consultation.

Let BusinessPoint Partners be your trusted ally in building a stronger, financially sound business.