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Is it Time to Hire an Accountant for Your Small Business?

Having a strong financial plan for your small business is one of the most important aspects of creating a foundation for the future. If you ignore financial tracking, tax strategy, and bookkeeping, you might be able to get by for a little while. But, eventually you will face the harsh truth that your business growth will be limited without a solid financial system. The best thing that you can do is hire an outsourced accountant to oversee the details in the early stages of your business growth.

Why Accounting Services?

Small business owners are always looking for ways to save money. One mistake that is often made is hiring an entry-level administrative employee to help with financial tracking. Instead of bringing on an experienced team, it seems like a cheaper solution to pay someone who can handle the data entry.

While the daily data entry is important, it never replaces the strategy that comes from working with an accounting team. These accounting services encompass much more than simply tracking the transactions that move through the bank account. A good accounting service will incorporate everything from basic bookkeeping to full tax strategy and planning for the future.

Working with an accountant is a strong addition to your business strategy. You have the benefit of a team member who understands the nuances of small business finances. Lean on their expertise, so that you can apply the proven principles to your own business practices.

Benefits of Working with an Accountant

Is it a big deal to hire an accountant? Yes! As you learn about the benefits that come from these services, you will wonder why you didn’t make the investment earlier in your business efforts. Having a great accounting team might be the difference that you need to overcome cash flow problems and set your business up for future growth.

Here are some of the benefits that you can expect when you hire outsourced accounting services:

  • More Time for Business Development: Stop wasting your time on number crunching and data entry. As the owner of a business, you carry the heavy responsibility of overseeing every aspect of your company. The best thing that you can do is outsource some of the busy work so that you can focus your efforts on other activities that will bring in more revenue. Hiring an outsourced accountant is an essential step if you are still involved in data entry, invoices, payroll processing, tax filing, and more.
  • Save Money on Overhead Expenses: When you see that you need financial services, it might seem logical to hire another employee. But, you need to think about the costs that will be incurred by bringing an employee into your company. Not only do you need to carry the responsibility of another salary, but you also need to pay for expenses such as office space, benefits, time off, and more. Save your cash by hiring an outsourced accountant instead. You can tap into the expertise of an professional in the industry, without the need to carry the weight of a full-time salary for another employee.
  • Maximize Tax Write-Offs: You are probably leaving money on the table if you are doing your own taxes. Tax strategy can be complicated, especially since the laws have changed recently. You can’t read a few short articles online and think that you understand tax strategy for small businesses. Instead, you need an experienced CPA who understands the nuances of tax law, helping you maximize your write-offs while staying within the legal guidelines at the same time. Implementing a good tax strategy could save you thousands of dollars each year. Many business owners find that they save more money on taxes than what they spend on the accounting services.
  • Categorizing Assets: Does your company own assets? Whether you have an office full of computer equipment, or you have bigger assets for real estate or vehicles, you need to have a financial expert help with the categorizations for these assets. The way these items are categorized can impact your tax filing. Plus, you can use the assets as collateral if you need to borrow money in the future. Another benefit of proper categorization is to know how much the business is worth, so that you always have a snapshot of the profits and successes of the company.
  • Ongoing Reconciliation and Audits: Even if you are diligent with data entry and other financial practices, it is common for mistakes to be made along the way. Seemingly small issues can add up over time, resulting in bigger problems in the future. So, you need to take a proactive approach to identify the errors and correct them in the early stages. Regular reconciliations and in-house auditing can be invaluable to ensure that you are staying on track for the future. Plus, you will have the peace of mind to know that there is nothing to worry about if you are audited by the IRS.
  • Efficiency with Cashflow: It can be a stressful situation if you feel like you can never stay ahead of the cash flow for your company. Inefficiencies in your financial system can be identified and corrected by an experienced accounting team. Correcting these issues can improve daily, weekly, and monthly systems. As a result, the money will be there when it is needed, giving you the flexibility to manage your business without feeling like you are running out of cash. An accountant will oversee the ongoing strategy and forecasts to ensure that you always have the cash that is needed for accounts payable and payroll.
  • Planning for the Future: Not only can you keep up with the current needs of your company, but you can also think about the future possibilities that can be achieved. If you want to be ready for expansion, then you need to make changes right now to set yourself up for success in the future. Set goals for the revenue growth that you want to experience. Then, talk to your accounting team to design a system that can accommodate the growth as it occurs. You need to think about various options such as tax strategy, business entities, and more.

Start with an Accountant Right Away

If you don’t already have the services of an accountant for your small business, then right now is a great time to get started. You can have the support that you need for the upcoming tax season. Plus, you will be able to lean on the financial expertise throughout the year.

A good accounting service encompasses more than one conversation a year for tax strategy. You need to have someone who watches your business trends throughout the year, giving you the professional advice that will keep your business on track for the success that you desire.

It is amazing to see the difference it can make to hire the services of a professional accountant. Not only will you have someone who can answer your financial questions at any time. But, you will have access to accurate reporting and information when it is time to make big decisions about your company. There is no way to put a price tag on the benefits that you will receive from outsourced accounting services!

Don’t Hire a CPA; Call for Outsourced Accounting Services Instead

Save the money that you would spend on an outsourced CPA and bring in an experienced outsourced accounting team instead. You will have a full range of experience in the industry, plus you can save the cash that you would have spent if you hired a CPA.

What will you do with the extra cash? Saving thousands of dollars will give you the options to invest in new office equipment, consultations with experts in your industry, or a company retreat. Or, you could use the money for business development, helping to expand the products or services that are available for your customers. These investments can have long-term benefits for your company, helping to maximize your profits in the future.

Outsourced accounting services offer all of the benefits of having an in-house CPA, without the expense of another employee. You can call your outsourced team at any time if you have questions about your tax or financial strategy. We are always available to answer your questions and support your needs, giving you the expertise that you need to manage the stressful side of running a business. Instead of crunching the numbers and trying to navigate financial reports, you can focus your efforts on other business tasks. We will do the heavy lifting to ensure the financial health of your company.

Are you ready to learn more about hiring an outsourced accountant? Our team is here to assist with anything that you need. We encourage you to call us to learn more about the services that we provide for small businesses and entrepreneurs. Contact us at Easier Accounting to see if our services match your needs. We are happy to cater your accounting plan to make sure that everything is in alignment with your business goals. Call for more information: (888) 620-0770