While it's trendy to outsource your accounting to a third party, once you hit a certain size, it's dangerous.
Sentiment: NEGATIVE
Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.
For small businesses trying to figure out how to get big, I would say you are going to have to take some risks. And I think that is what shuts off most people. They are not willing take the risk.
We don't want to bank all our risk on a small collection of big companies. We don't want to lose 20 percent of our business if one big account goes away.
If you stay in this business long enough, you're liable to hit it big.
I've seen small businesses turn into terrible midsize or big ones because they let their desire to achieve some arbitrary metric get the best of them. Whatever is compromised as a result doesn't matter anymore, as long as the company is growing.
Working for a big company is, I believe, much risker than it looks.
A diverse customer base helps insulate you; a few large accounts can leave you vulnerable to their whims.
In business, you try to minimise risk.
And just remember, every dollar we spend on outsourcing is spent on U.S. goods or invested back in the U.S. market. That's accounting.
Every business and every product has risks. You can't get around it.
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