Hi there. If possible, it is better to hire an accountant. But small businesses often operate with limited resources. Proper accounting allows owners to create realistic budgets and financial forecasts. This, in turn, helps in managing cash flow effectively, avoiding financial crises, and planning for future growth. You can try to do it yourself with the help of Google templates (https://thegoodocs.com/freebies/business-letterheads/). A well-prepared budget can be a roadmap for achieving financial goals.

Accurate financial records are not just beneficial; they are often mandatory for tax reporting and regulatory purposes. Failure to maintain proper accounting can result in fines, penalties, or even legal action, which can be devastating for a small business.