Cincinnati – City of Inclusion

What does Cincinnati have in common with Des Moines, Detroit, Greenville, Madison, Minneapolis, Portland, Providence, San Francisco, Spokane, and Washington DC?

The answer is: we are the 11 metro areas to improve on each of the core measures under growth, prosperity, and inclusion according to the Brookings Institution’s Metro Monitor report (2016). In other major metro areas, growth remained uneven in terms of wage growth and racial disparity.

fountain squareIn fact, the report notes that only Cincinnati and Greenville (SC) stood out for their “consistent progress in narrowing racial economic disparities.”

Cincinnati has a $132 billion economy and has surpassed Columbus as Ohio’s largest economy, and is the fastest-growing in the Midwest, according to Cincinnati.com. Median wages are up and the poverty rate is down. And we believe that it’s a tribute to the people, culture, and values of Cincinnati that its “inclusion” measures are rated as above average.

We love Cincinnati and are not surprised with the report. The “City of Love” has made important strides since the racial riots of 2001. (See our January 5, 2017 blog “Brawls of Cincinnati”)

Pat yourself on the back, and if you’d like to know more, see the full Brookings Institute report here.

Quickbooks or Accountant?

QuickBooks is a program used to maintain a general ledger for the business, recording all financial transactions. This program also produces financial statements from the data put into it.

An accountant is an advisor and consultant specializing in knowing how to read the financial statements and whether or not what it says makes sense. An accountant provides you with advice and can help you make well-thought-out financial decisions.

payroll issuesEntrepreneurs in general are focused on whatever activity it is they went into business to do. They typically don’t have the specialized knowledge in all the other areas it takes to run a successful business. This lack, along with undercapitalization, is why most small businesses stay very small or fail.

Hiring a qualified accountant is an investment in your business success. No accountant can guarantee your business will be successful, but they offer valuable insight that can influence your success.

As a successful business person, you know doing things you don’t understand can mean endless wasted hours and possibly significant financial errors. Successful people don’t do things they don’t understand. Unless you have experience in accounting, don’t do accounting. Hire one.

When to Hire an Accountant

  • Forming your business
  • Federal and state license and reporting requirements
  • Complex sales tax and compliance issues
  • Complex payroll issues

If you don’t need a full-time accountant, hire one on a retainer basis. Just a couple of hours of their time may be enough.

So, although you may be able to run your small business without an accountant, you should really consider all of the other benefits you’d gain by joining the vast majority of business owners who partner with a small business accounting professional—and reap the rewards.