The Love-Hate Relationship Business Owners Have with Accounting

February is a month that is all about love, but let’s be honest—some relationships are complicated. One of the most notorious love-hate relationships? Business owners and accounting (which is closely followed by our love-hate relationship with reality TV, amiright?).

On the one hand, accounting keeps your business running smoothly, helps you make informed decisions, and makes sure you follow all of the rules to keep you in compliance with the IRS and Generally Accepted Accounting Practices which are things your bank and investors really like. On the other hand, it can be time-consuming, frustrating, and sometimes downright overwhelming. So, in the spirit of the season of love, let’s break down the things business owners love (and hate) about accounting.

What Business Owners LOVE About Accounting 

1. Clear Financial Insights – Accounting provides a window into your business’s financial health. Understanding revenue, expenses, and profitability allows for smarter decision-making and strategic growth.

2. Compliance and Tax Savings – Proper accounting ensures you’re following the rules and helps you take advantage of deductions and credits, minimizing your tax burden (not to mention helps you avoid those nasty-grams sent by the IRS).

3. Cash Flow Management – Knowing what’s coming in and going out is crucial for sustainability. Good accounting practices keep you in control of your cash flow and prepared for the unexpected.

4. Ability to Secure Funding – Whether you’re applying for a loan or attracting investors, solid financial records make your business more credible and attractive to lenders and stakeholders.

5. Performance Tracking – Accounting turns numbers into a story, allowing you to see trends, measure success, and set realistic goals for the future. If your business does not have good accounting, you will be left with a bunch of transactional data, that is as meaningless as a jumbled-up bin of Legos after your dog ate half the instructions.

What Business Owners HATE About Accounting 

1. It’s Time-Consuming – Let’s face it—most entrepreneurs would rather focus on growing their business than reconciling bank statements or categorizing expenses.

2. Complexity and Jargon – Accrual vs. cash basis, depreciation schedules, deferred revenue — it’s easy to get lost in a sea of terminology.

3. Unexpected Surprises – No one likes finding out they owe more in taxes than expected or that an expense wasn’t properly accounted for.

4. Data Entry and Manual Processes – Keeping up with invoices, receipts, and reconciliations can feel tedious and never-ending.

5. Regulatory Headaches – Tax laws change, compliance requirements shift, and staying on top of regulations can feel like a full-time job.

6. Other accounting pitfalls that are more fully described here!

How to Make this Relationship Work 

Just like any relationship, the key to making accounting less painful is finding the right balance and support system. Here’s how:

• Leverage Technology – Tools like QuickBooks, Fathom, and HubSpot can streamline your processes and reduce manual effort. A full list of subscription services that can help grow your company can be found here.

• Set Regular Check-Ins – Avoid year-end panic by reviewing your books monthly. Check out our handy dandy guide to month-end close!

• Hire Experts – A trusted accountant or fractional CFO (like those at Executive Allies) can take the stress off your plate, ensuring accuracy and giving you the insights you need.

Final Thoughts

You may never fully love accounting, but with the right mindset and support, you can at least appreciate its role in your success. Instead of dreading the numbers, embrace the financial clarity they provide. And if you need a little relationship counseling with your books, we’re here to help!

Looking for a partner in financial clarity? Let’s chat about how Executive Allies can make accounting work for you.