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Bookkeeping and Accounting Trends to Watch for in 2019

Now that we are a few weeks into the new year and the dust has settled after a busy holiday season, it’s time to look forward to the future. As a small business owner, you should be paying attention to bookkeeping and accounting trends that might impact your company.

Are there any changes or adjustments that you need to make this year? As you evaluate the industry trends, these things will help you be sure that you have the best bookkeeping and accounting system to support the needs of your company.

Why Bookkeeping and Accounting Trends Matter

Why does it matter if you are staying up to date in the industry? The truth is that your company will get left behind if you don’t stay current with the latest technology and services. It is important that you are aware of the changes that are happening so that you can stay up with the things that will help your business succeed in the future.

Most business owners know that bookkeeping and accounting are important. But it is unfortunate that these tasks often fall to the back burner because of other priorities that come up in the day to day responsibilities of running a company. If you want to keep your business on the path to success, then you need to be sure that you have a good financial system in place so that you are prepared for the future.

Consider this thought: if you aren’t keeping up with financial tracking and reporting right now, then you will run into problems in the future as your business begins to grow. Failing to have a good accounting or bookkeeping system in place means that your growth and expansion could be stunted because of poor decisions that are made along the way. Each time you consider a significant change in the company, such as hiring an employee or investing in business development, you need to be able to run the reports that show the current situation for your business. This information will help you make accurate decisions that match the needs of your company.

Predicting the Future with a Good Accounting System

Everyone wants to know what the future holds in store. Business owners would love to have a crystal ball that shows the future of the company and product development that needs to be addressed to stay ahead of the competition.

While it’s not possible to see into the future, the right accounting system can help you understand current numbers and projections, giving you a good idea of what you can expect in the future. Implementing the latest accounting services and systems means that you will be ready for whatever may come.

The right accountant will help you manage cash flow and expenses. At the same time, you can look for areas where profit margins could be improved. All of these services add up to the long-term success that you desire. So, the best thing that you can do is ensure that you are staying current with the trends so that you can build a solid foundation on which your company can grow.

Bookkeeping and Accounting Trends in 2019

Here are some of the accounting trends that we anticipate this year. Time will tell if our predictions come true. We are suggesting these potential trends based on the way the industry has changed in recent years:

  • Better Accounting Software: Computer technology is advancing, which means that software continues to improve. Gone are the days of recording hand-written transactions on a leger with a pen or pencil. Additionally, software has moved away from an on-computer installation to cloud-based services. This smarter software gives you the benefit of accessing your accounting information from anywhere in the world, as long as you have a good internet connection. As a result, you can improve your work processes and offer increased value for your clients.
  • Automation: One of the benefits of improved software systems is better automation for ongoing tasks. Keep in mind that it isn’t possible to automate all aspects of your financial management. But some of the busy work can be automated, helping to decrease the amount of time required to manage your accounting and bookkeeping. This automation is beneficial since you can save money instead of spending a lot on a full-time accountant employed by your company. The tools continue to get better with time, making accounting software more intuitive and easier to use.
  • Improved Partnership with Your Accountant: In the past, many business owners talked to their accountant once a year… at tax time. While it is important to utilize the services from a tax preparation expert, don’t overlook the benefit of ongoing communication with someone who can offer advice for your company. Even if you are working with an outsourced accountant, your provider can take a proactive approach to help with payroll processing, tax strategy, cash flow planning, and more. Ongoing services throughout the year will improve the overall benefits that are available for your business.
  • Millennial Workforce: It is interesting to see how the workforce is changing with time, especially as the millennials reach career age. According to INC.com, 25% of the workforce is the millennial generation. As a result, new ways of thinking are being brought to the industry. This generation leverages technology to create results that weren’t available in the past, giving you more of an edge when working with an accounting team that understands the latest trends and changes.
  • More Outsourcing and Gig Work: As the workforce changes, many companies are choosing to hire freelancers for contract work. It can be a burden for a business to bring on a full-time employee. Not only does the person’s salary need to be paid, but other expenses are incurred for office space, benefits, and more. Business owners are turning to freelancers as a way to cut overhead expenses and maximize the skill set that is required. As a result, there are more options for outsourced accounting and bookkeeping services. You can take advantage of the experience of a knowledgeable accountant while minimizing your cost at the same time.
  • Bookkeeping to Accommodate Cryptocurrency: Another thing that is shifting in the industry is the implementation of practices to record and track cryptocurrency. While it seems as though cryptocurrency is still an online fad, don’t overlook the importance of being ready with accounting systems if a large portion of the population starts using these currencies. “Triple entry bookkeeping” is required instead of the standard double-entry bookkeeping since three parties are involved in the transaction: two strangers as well as a third party that issued the cryptocurrency.

There’s no question that the accounting and bookkeeping industry is being shaped each year by the different software advances and the economic changes that are happening. While we can’t predict the future with accuracy, you can look forward to the years to come knowing that you are prepared when you have a good accounting system in place.

Protect Your Company with Accounting and Bookkeeping

Bookkeeping and accounting might seem like a chore, but there’s no question that these tasks are essential to protect your company for the future. If you don’t already have a good system in place, then right now is the best time to get started. Talk to an accounting team about the options that are available to match the needs of your business. Make sure that the accountant is considering all aspects of the industry, including anticipated bookkeeping and accounting trends this year.

If you already have a bookkeeping and accounting system in place, then you need to evaluate the effectiveness of the current system. It is a good time to optimize your processes so that you are ready for the changes that might come.

Choosing an Accounting Service

Is it time for you to hire an outsourced accountant? Here are a few things to consider as you are making this decision for your business needs:

  • Experience: Choose an accounting team that has industry experience related to your company. Previous experience with other similar businesses means that you can rest assured knowing that your financial needs are in good hands.
  • Flexibility: Every company is unique, which is why it is important to choose an accountant that understands your unique preferences and requirements. Your accounting services should be customized to cater to the requirements that match your business flow and industry.
  • Reputation: Also, don’t overlook the importance of hiring an accounting team that you can trust. You are handing over sensitive information about the financial health of your company. As a result, you need to be sure that you are protected by working with a reputable team. Look online to find information about the outsourced accounting team that you are planning to hire.

Are you interested in learning more about the bookkeeping and accounting trends for 2019? We are here to assist! Our team at Easier Accounting is happy to answer your questions and help you evaluate the accounting services that are available. You are welcome to call us at: (888) 620-0770.

New Year’s Resolutions for a Business

The end of December is usually the time when people set goals and intentions for the New Year. The ending of a year can be a symbolic time to let go of old habits and implement new practices that will set you up for success. What are your New Year’s resolutions this year?

It is common for people to have personal goals, such as weight loss, organization, relationships, and more. People want to improve and grow each year, and these goals can help you achieve the growth that is needed.

At the same time, business owners have the unique opportunity to set company resolutions as well. As you are determining your personal goals, don’t overlook this chance to identify new goals for your business efforts.

Reflection and Forward Motion

There are two important aspects that need to be addressed as you are identifying your New Year’s resolutions. First, you need to start by reflecting on the things that happened in 2018. Identifying your current position will give you the reference point to know where you are starting. Look at 2018 with transparency and an open mind. This reflection will help you see the things that are working and the areas of improvement.

While it is easy to focus on the areas of improvement and build goals around these topics, don’t forget to identify the things that have been working. When you see the systems that are effective in your business, then you can set goals to build upon the successes and boost the progress of your company.

Next, you need to determine where you want to be in the future. It is important that you “put a stake in the road” so that you can see where you are headed. Identifying where you want to be in a few months and a few years is necessary. This vision will help you identify goals that will lead you to the overall success that you desire.

For example, if you are looking to improve your business profits by 5% this year, then you need to set business New Year’s resolutions that support this effort. These resolutions might be focused on decreasing spending, increasing receivables, and optimizing systems to improve productivity.

New Year’s Resolutions to Consider for 2019

If you are a small business owner and you need help setting your goals for the New Year, then we would like to offer a few suggestions to support your efforts. Here are some business New Year’s resolutions that you might consider:

  • Improve Work-Life Balance: It is easy to get wrapped up in business tasks, causing your family to be neglected. Instead of spending all of your waking time in the office, you need to find balance in the activities of the week. While it is important to keep up with business responsibilities, you shouldn’t overlook the most important reason why you are building a business: to have more freedom and spend more time with the people that you love. Set a goal to optimize your schedule so that you can improve your work-life balance in the New Year.
  • Delegate Busy Work: In the beginning, many new business owners carry a full range of responsibilities. Not only are you focused on business development, but you are also involved in employee hiring and management, inventory stocking, marketing, customer service, and more. It’s easy to see how your schedule quickly fills up with business-related activities! If you want to enjoy 2019, then set a goal to delegate some of the busy work. You are overseeing the workings of the company, which means that you shouldn’t be spending your precious time on tasks that can be outsourced to others. Assign internal employees to take over tasks such as filing or bookkeeping. Or, look for outsourced services to support with these tasks, such as an accounting and bookkeeping service.
  • Improve Business Promotions: If you feel like you are stuck in a rut when it comes to bringing in new customers, then it’s time to add a fresh twist to your promotion and marketing efforts. You want your business to grow, which means that you need to bring in more customers and increase the sales that happen with current customers. Create a marketing plan that boosts repeat sales and helps you promote your business more effectively throughout the year.
  • Implement an Online Marketing Campaign: The internet has become an essential part of business marketing and promotions. If you don’t have a business presence online, then right now is the time to start with your website and social media profiles. Even though it might seem a little overwhelming, a little bit of effort can go a long way to help you connect with the right customers. Most business owners don’t have the time or knowledge to implement an effective online marketing campaign. So, the best strategy is to hire a company that understands your industry and offers the services that will support your needs.
  • Hire a Business Coach: Many people start a small business or entrepreneur efforts without experience or education with business topics. While you can offer products and make a few sales, your overall progress will be hindered if you don’t know how to change your current situation. Hiring a business coach can be one of the most effective things that you can do to bring in a fresh perspective for your company. Find someone who understands your industry and can offer solid advice to improve your results. Then, take accountability so that you implement the recommendations that are offered by your coach.
  • Find Local Networking Groups: It can be helpful to have local connections in the business industry. Networking groups and business organizations offer opportunities for you to find new clients and make business-to-business connections. Attend these events and gatherings with a sincere intention to meet new people without pushing your product or service too much. Build the relationships first, and then the business growth will naturally follow.
  • Improve Cash Flow Management: Cash flow will make-or-break your company. Even if you have a great inventory and money coming in, you won’t be successful if you are spending more than you are earning. If you can’t create enough capital to invest back into the company, then you need to make a few changes with the day-to-day finances of the business.
  • Boost Productivity: Not only do you need to evaluate your own productivity, but you should also look at strategies that can be implemented to improve employee productivity as well. It is surprising to see how a few small changes can have a domino effective to improve overall results in the company. Look for ways that you can improve internal systems to support employees and management in productivity improvements.

Setting the Right Business Goals

The most important thing that you can do is make sure that your New Year’s resolutions align with the vision that you are holding for your business. You need to consider the possibilities that could happen in the future. Observe the things that are happening in the industry, and then choose proactive goals so that you are staying ahead of your competition.

When you are setting new goals, make sure that these resolutions are measurable, achievable, and relevant:

  • Measurable: Most business owners have the intention to increase profits. But setting a goal to “increase business revenue” isn’t clear enough to help you determine whether the goal was reached. Put a number on the goal and make sure that you can measure the progress. For example, you might set the goal that you want to increase revenue by $24,000 this year, which means that you need an average increase in monthly profits that is at least $2,000. Identify your numbers, then find the action steps that need to happen so that you can hit the desired milestones.
  • Achievable: You might love the idea of hitting $1 million in sales this year. But, it’s a stretch to hit that number if you barely made it to $100,000 in 2018. Instead of setting an impossible goal, look for ways that you can implement incremental steps that will move your business in the right direction. Consider your current progress and identify a stretch goal that can be reached if you put in the effort that is needed.
  • Relevant: How does your goal line up with your overall mission and vision for your company? Relevancy means that you are choosing the New Year’s resolutions that align with the long-term results that you are trying to achieve. For example, a good example is to connect with 50 new customers each month, which will help to increase revenue and build your warm market for the future. The goal should make sense for your company and improve the business in some way.

Setting New Year’s resolutions for your business can help you build momentum in the New Year and set your company up for success. If you are thinking about outsourcing options as one of your goals, then our team is here to assist. Easier Accounting specializes in small business finances. We offer a variety of services to support your financial goals and keep you on track throughout the year. Learn more by calling us at (888) 620-0770.

Essential Factors to Consider When Choosing an Outsourced Accounting Team

If you need accounting support, then the most common approach is to find an accountant in your local area. There is nothing wrong with working with a team that is close to home. But, you shouldn’t overlook the other options that are available in the industry. Before you rush into this decision, the best thing that you can do is learn more about the benefits of outsourced accounting.

Employee, Local, or Outsourced Accounting Services

There’s no question that you need accounting support, especially if you don’t have much experience with financial reporting and bookkeeping. Don’t waste your time on tasks that could be assigned to an industry expert. Instead, you need to look for the right services that will match the needs of your business.

One of the most common mistakes made by new homeowners is that they hang onto many of the responsibilities that could be outsourced. You don’t need to manage control over the busy work. Instead, find the right team to support your efforts so that you can focus on the business building tasks that are required. There’s no reason why you should be sending invoices or managing the bookkeeping transactions that are moving through your company. A better solution is to create the right system to outsource these tasks so that you have the necessary support for the overall efforts and vision of the company.

Bookkeeping and accounting should be the first thing that should be handed off to an experienced team. Here are a few options if you are looking for assistance with your financial tracking and reporting:

  • Employee: You have the option to hire an employee with a background in finance. If you want to have someone in-house, then make sure to choose an employee with experience in the industry. You need to hire someone who can take responsibility for the tasks and ensure the quality of work that is completed. But, you need to understand the drawbacks that come from hiring an employee. If you hire someone, you need to pay the salary as well as the cost of benefits that are required. Plus, employment taxes can add up over time. Most businesses find that an employee is more expensive compared to outsourced accounting services.
  • Local Contractor: You can see that hiring an employee isn’t always the best solution. So, you might turn to the local business results to see if you can find an accountant to help with the services that you need. A local contractor can be helpful in many ways, and some business owners like the comfort of meeting with someone face-to-face. But, if you limit your options to local services, then you might miss out on the benefits available from working with a team in a different location. There’s no reason to limit your choices, especially when the local services are more expensive compared to the outsourced options that are offered
  • Outsourced Accounting Team: Finally, the most popular choice is to choose an outsourced accounting team to assist with your books. Looking online will open up many windows of opportunity. This process allows you to choose a team the provides more than basic accounting services. You can find a company that specializes in small business accounting services to match the needs of your company.

Hiring an outsourced accounting team is one of the best ways to keep your costs low and maximize the benefits that are available. These services are catered to match the needs of your company while ensuring the long-term results that you deserve. We live in a digital world, which means that there is no reason why you need to have someone in your office or down the street. Instead, you can tap into the automation and cloud-based accounting that can improve your business systems with the support of a team offering these services online. If you are interested in learning more, then you need to talk to our experienced team at Easier Accounting for the full details about the ways our services will support your business goals.

Hiring an Accounting Team? Consider These Factors

Now that you can see the benefits of hiring help for bookkeeping and accounting, it is time to hire the experts who are a good fit for your business goals. Here are a few factors that should always be considered before you move forward with the decision:

  • Size of Your Business: It is essential that you consider the size of your business and the volume of transactions that are moving through the company. It is probably unnecessary to hire a full-time employee if you only have a few or a moderate number of transactions that are recorded in the books. This work won’t be enough to keep a full-time employee busy. At the same time, the size of your company should influence the team that you hire. If you are a startup or small business, then you need to pick a team that specializes in small business services (and skip a company that offers big corporate services).
  • Needs for Your Financial Goals: Identify the areas where you need the most support for your business goals. Are you looking for an accountant who only talks to you once a year to complete your annual taxes? Or, do you want a team that will take a proactive approach throughout the year to ensure the long-term results for your company? A variety of accounting services are available, including payroll processing, tax preparation and filing, long-term tax strategy, bookkeeping, invoicing, and more. Find a company that can support your goals with all of the work that needs to be completed throughout the year.
  • Qualifications of the Team: Your financial details contain sensitive information, which is why you need to be cautious about hiring an accounting team that you can trust. Learn about the qualifications, education, and experience of the accountant so that you understand the quality of services that are available. It might seem like a good idea to hire your niece to take care of the bookkeeping at a low hourly rate. But, many potential issues will arise if mistakes are made with the books. Never cut corners on the quality of bookkeeping and accounting services that are used for your business efforts! Instead, choose an accounting team that has hands-on experience with the services that are required for your business.
  • Cost of the Accounting Services: Finally, don’t overlook the price of the services that are available. The goal of outsourcing these services is that you can improve your profit margins, decrease spending, and maximize revenue as much as possible. Consider the cost of the accounting services to be an investment for your company. You need to understand the scope of work that will be provided as well as the cost that you will need to pay for the services. Then, compare this price with the expenses that would be required to support a full-time employee. You will see that it is usually more affordable to outsource these services instead of bringing on another employee.

Remember, that a big price tag doesn’t mean that you will receive the best accounting services. It is important that you hire an accounting team based on reputation, experience, and the scope of work that is provided to support your company. Evaluate the needs of your business and then find an accounting team to match.

You’ll Love the Services from Easier Accounting

At Easier Accounting, we understand that you have many options when it is time to hire the services of a company in the industry. We are here to support your goals and offer the advice that you need, without making you feel pressured into the services that we provide.

The best thing that you can do is have a conversation with our team. We invite you to discuss your needs with us so that we can determine if these services are a good fit for your company. If we discover that we can support your needs, then we can work together to design a custom plan that will ensure the long-term results that you desire.

We are striving to show you how affordable and easy it can be to hire an outsourced accounting team. We offer the full range of accounting services that are required, without the expensive price tag that is usually associated with hiring an accounting. By keeping our business online, we can minimize the overhead expenses so that these savings are passed onto our customers.

Are you interested in learning more about the ways that your company will benefit from outsourced accounting services? Then it is a great time to reach out to our team so that you can have a conversation. We offer information about the accounting packages that are available, so you can take some time to read through our website. Then, call us at your convenience when you are ready to learn more about the ways that our accounting services are transforming the industry. Easier Accounting is always here to help! Call today so that you can see if our services are a good fit for your company: (888) 620-0770

Guide for Business Owners: When to Hire an Accountant

As your business grows, how do you know the right timing to hire an accountant? Many business owners struggle with the commitment to outsourcing. It makes sense that you need the additional help. But, the cost of the service is often the reason the decision is delayed.

As we interact with small business owners, the answers to this question vary depending on the size of the company, the recent growth, and anticipated trends in the future. Often, some specific events or situations triggered the idea to hire an accountant. So, it is important that you talk to a finance professional to see if the services are needed for your company right now.

Why Business Owners Delay Accounting Services

Finances and cash flow are a foundational aspect of the future success of your company. So, why do many business owners delay accounting services? Here are some of the common reasons why people procrastinate this service:

  • Costs: Many startups require bootstrapping, which means that business owners wear many hats throughout the day. Instead of hiring professionals for the services, it might make sense to handle everything in-house in the beginning. It isn’t unusual to find a start-up founder staying after hours to pay the bills or process invoices that need to be sent. These strategies help to minimize startup costs. But, eventually you will need to take the leap to bring in the professionals to help with the services that are needed.
  • Cashflow: Another concern lies in the amount of money that will be spent on the accounting services. Can you afford to spend the cash on these services? The real question is whether you can afford NOT to hire an accountant. Even though you will pay for the services, there are many financial benefits that are available for your company: better financial decisions, tax deductions, and more. In fact, it might be costing you money if you delay the decision to start with outsourced accounting services.
  • Control: If a business owner has a micro-managing personality, then they might want to oversee the way the transactions are entered. Even though there are limited hours in the day, you might have a hard time delegating some of the busy work. Just because you did the books when the business started, doesn’t mean that you need to continue these tasks as the company grows. Look for ways that you can outsource tasks that are taking up your time. By handing off these tasks, you can free up your day to focus on other activities and responsibilities that are more important.

What is your excuse for not hiring an accountant? If you don’t already have someone to help with the finances of your small business, then right now is the perfect time to change your mind and implement a new financial system.

Opportunity Cost of NOT Hiring an Accountant

It is easy to see why business owners get stuck on the amount of money that will need to be spent on accounting services. But, these costs are minimal compared to the potential financial benefits that are available from an accountant. Bringing in a financial professional might be one of the best things that you can do to help your company grow.

An accountant will be able to optimize your financial system, helping to eliminate redundancies or things that are costing you money. This process can be essential to tighten down the overhead expenses, resulting in lower costs that need to be paid each month.

Accounting services can also be beneficial to ensure payments from your clients. It is easy for overdue invoices to slip through the cracks. You need a team that can watch the transactions to make sure that you receive timely payments from your customers.

Additionally, these services are essential to help you maximize the write-offs that are available for your company. Are you leveraging all of the tax breaks that apply to your industry? Only an experienced accountant will know the right places to look to find other options to minimize tax burden. It is common for business owners to find that the accounting fees are recovered in the tax savings alone.

Finally, you need to consider the opportunity cost that you are missing when you are spending your limited time on bookkeeping and accounting tasks. Instead of looking at product development or employee management, you are dedicating your time to busy work. If you keep your head in the books, then you will miss out on potential opportunities to help your company grow. It makes sense to outsource these services so that you are setting your company up for success.

Signs that You Need to Hire an Accountant

Here are a few sure signs that it is time to hire an outsourced accountant:

  1. You Don’t Have Experience with Accounting: If you are sick, then you schedule an appointment with an experienced medical professional. In the same way, it is important that you find someone with hands-on experience to help with your business books. If you are confused by financial reports and you have a hard time keeping up with the transactions, then it is time to hire an accountant. A small business accountant will sift through the information and provide the information in an easy-to-understand format to help you make better decisions for your company.
  2. You are Too Busy to Keep the Books Current: Is there a stack of invoices and transactions sitting on your desk? If you can’t keep up with the paperwork, then it is a sign that you need to outsource these tasks. Even if you can carve out a few hours a week to handle the bookkeeping, consider the other tasks that are neglected within your company. It doesn’t make sense for you to waste your time managing the books. Instead, dedicate that time to connect with new clients or work on your marketing strategy.
  3. You Don’t Know the US Tax Code: Do you stay up-to-date with the changes that happen each year with the tax code? If you aren’t working in the tax industry, then it is likely that you will miss changes that are applicable to your company. Failing to pay the right amount of taxes can result in fines and penalties for your company. An accountant is helpful to identify the right tax strategy, ensuring that you can maximize deductions while staying within the guidelines of the law.
  4. Your Company is Going Through a Rapid Growth Phase: You might have been able to keep up with the bookkeeping when the business started. But, if you are experiencing rapid growth, then the accounting tasks will grow as well. Not only are you facing more paperwork and reports that need to be analyzed, but the increased income can also affect your tax strategy. Make sure that you hire an accountant who can help you move through the growth patterns with ease.
  5. You are Struggling to Maximize Profits: Some companies find that their revenue is increasing, but they are having a hard time keeping money in the bank. If you don’t see that the profits are going up, then it is time to hire a financial expert to analyze your cash flow, expenses, and more. Your accountant will help you identify areas where you can reduce expenses, helping to increase your profit margins.
  6. You are Being Audited: A notification from the IRS about an upcoming audit can be one of the most stressful things that a business owner might face. There’s no way around the messy process that is required for an audit. If you want to protect your company, then don’t make the mistake of trying to navigate the audit without professional accounting services. An accountant can save you time and money, guiding you through this experience.
  7. You are Preparing to Merge or Sell the Company: Whether you are looking at an acquisition or you are preparing to retire from the industry, you need to make sure that you have an accountant to help with strategy. These efforts will maximize the price that you can get for the company. At the same time, your accountant can offer recommendations to decrease the amount of taxes that you will pay from the proceeds of the sale.

As you can see, there are many reasons why you need to hire an accountant. If you aren’t already using professional accounting services, then right now is a great time to learn more about the benefits. For more information, you need to talk to an accounting team that specializes in small business accounting.

There’s no doubt that accounting services are essential for every small business. Instead of risking the future of your business, we invite you to call us at Easier Accounting. We will discuss your needs and determine if our services are a good fit for your company. Our team understands the unique challenges that are faced by small business owners. So, we are always looking for ways to improve our services to match your needs. Call for more information: (888) 620-0770

Spring Cleaning Checklist for Your Small Business

Spring is a time of year when many people prioritize tasks to improve the comfort and quality of their homes and offices. Do you love the feeling of opening the windows and pulling the junk out of the back corner of the closets? It is common for stuff to collect throughout the year, resulting in the need to declutter and make space. Letting go of the clutter is an effective way to decrease your stress levels. This year, look for ways that you can think outside the box when you are putting together your spring cleaning checklist.

As a small business owner or entrepreneur, there are often items that fall to the backburner. You are juggling many priorities throughout the year, and many people feel like their schedules are so full… making it impossible to keep up with other tasks that need to be addressed. If you can’t keep up with everything throughout the year, then it might be time to set aside a few weeks to clean up your systems and practices in your business. Spring cleaning is a great way to create a fresh start and improve the results that you can achieve through the rest of the year.

Here are a few business spring cleaning tasks that should be added to your to-do list:

Drawers, Cabinets, and Office Clutter

How often do you shove papers in the back of the filing cabinet or push old office supplies into a storage closet? Even though your office looks good when people come in to see your desk, it can be stressful and burdensome to know that there are loads of things that need to be fixed in your closet, drawers, and other storage spaces.

If you have a personal office, then it is time to sort through the shelves and see what items are no longer used. It is common for small businesses to get rid of many office supplies when they make a transition to digital accounting. For example, you might be able to get rid of the bulky filing cabinet and folders if you are keeping all of the documents online.

Throw away expired cleaning supplies, outdated training materials, or anything else that is sitting in the closet unused. Even though it might seem like a good idea to hold onto things in case you need them in the future, you are making a mistake by hanging onto every item. Consider the mental burden that it causes when you know that things are piled up. Plus, you also need to think about the increased costs that you are spending on storage space or a larger office so that you have enough room for all of the stuff.

Digital File Cleanup

Not only do you need to get rid of the physical clutter, but it is also important to sort through the digital clutter as well. Going digital is a great way to reduce the clutter in your office, but it is common for the computer files to build up with nonsense as well. Just because things are stored digitally, doesn’t mean that you need to hold onto everything forever.

Put together an effective filing system so that you know when old folders and files need to be deleted. When you have a good archive system, you can move old invoices and receipts out of the way so that you don’t have to sift through those folders every time you are looking for a current document.

If you are always searching for the files that you need right now, then you could be wasting hours of your workweek on the cluttered storage drive. Instead of letting yourself get caught up in the distraction, set a goal to clear these files right now so that you can open up space and simplify daily processes.

Another thing to consider with digital storage is the amount of storage space that is available. If you are storing Word documents and .pdf files, then it isn’t likely that you will run out of space in the future. But, photos and video files can take up a lot of room on your storage drive. As a result, you could be facing the problem of a lack of space, causing increased costs for more room on your storage drive.

Backing Up Digital Storage

Any time the information is stored digitally; you need to be sure that you are using a solution that implements backup systems. If the storage service fails, will you lose all of your customer information and financial records? These details are important to keep on file for several years. For example, you will need to refer to the paperwork if you are ever audited by the IRS. So, make sure that you have a good backup system in place.

It is better to store your files on a secured cloud-storage service instead of keeping everything on your computer. If the computer hard-drive fails, then you will lose all of the information. There are options to back up your computer with services such as Carbonite. Pay the money for the peace of mind to know that you won’t lose your information if something goes wrong with your computer.

Most cloud storage solutions make it easy to access your files from any computer. You can work on the computer as normal, with access to all of the important information that you need. If the computer is damaged, you can access your files using another computer as necessary. Plus, you have access to this information through a smartphone app as well.

Another benefit of a cloud-based system is that you can share file information and access with your accounting team. Hiring outsourced accounting specialists is a great way to free up your time and improve your financial strategy. There’s no reason to have an accountant in your office when all of the information can be shared through digital files and software solutions.

Inventory Assessment

Inventory is another topic that should be addressed with your business spring cleaning checklist. Are there any old products in your inventory that aren’t selling very well? Consider running a flash sale to clear the inventory so that you can make space for new products that are coming later this year.

You also need to think about the trends that are happening in the industry. Evaluating your inventory can help you identify the popular products. Then, you can make adjustments to your sales strategy to offer the products and services that your customers want to buy. A few small adjustments can go a long way to ensure the long-term success of your business.

As you evaluate your inventory, you can see if there is anything that needs to be reordered. Keeping the popular products in-stock ensures that you have the option to sell these items when customers are ready to buy. It is common for business owners to need to plan several months in advance to maintain inventory.

For example, you need to consider upcoming sales and demand during different times of the year. Then, the products need to be ordered with plenty of lead-time for the manufacturing to be completed before the busy season. Missing the order date by a month or two could leave you in a situation where you don’t have products to sell when the customers are ready to buy. Then, you could be stuck with too much inventory because you missed the peak time to sell those products. Strategy matters, which is why you need to think ahead regarding the times and quantities that you order for your stock.

Systems, Contractors, and Employees

The final to-do item on your spring cleaning checklist is the effectiveness of your current systems. Do you have the right software programs and systems to optimize your results and minimize busywork? Are your employees meeting the requirements that are needed to help customers and keep up with daily tasks? It might be time to make a few changes in the way things are done, to ensure optimal performance of your team.

It is easy to get stuck in a rut and continue using systems that have always been implemented. Just because something seems to be working fine, doesn’t mean that there isn’t a better way to improve efficiency. Look to industry experts for insights about the ways that you can improve your internal systems.

When you are having a hard time keeping up with the workflow, then it might seem obvious that you need to hire another employee or two. But, consider the advantage of bringing in an outsourced contractor instead. You can tap into the skillset that is needed without carrying the burden of insurance and overhead costs for employee management. Outsourced accounting and other services can save you thousands of dollars a year while improving your business systems at the same time.

At Easier Accounting, we are here to help with your small business spring cleaning goals. Contact us to see how we can help with your financial tracking and accounting services. We know the best ways to implement effective accounting systems for small businesses and entrepreneurs: (888) 620-0770

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

8 Things to Consider When Hiring a Small Business Accountant

Have you decided that it is time to hire a small business accountant to help with the financial tracking for your company? It might be a big step to bring in a financial professional. But, this decision is an important decision to move your business forward in a positive way. Managing the financial records will set the foundation that is needed for success in the upcoming years.

DIY accounting is one of the biggest mistakes that can be made for a start-up or small business. Even though it might seem simple to track transactions and income, the truth is that important details are often overlooked along the way. Instead of trying to save money by handling the accounting and bookkeeping in-house, it is better to spend the cash on a professional team to help. In fact, it is likely that you will save more money because of the tax write-offs and other financial benefits that come from an experienced accounting team.

If you want to move forward towards financial success, then you need to have an accountant that you can trust. Follow these important tips to help you choose the right small business accountant:

1. How Much Experience Do They Have in the Industry?

Not only do you need to consider the length of time that they’ve been working in the industry, but you also need to think about the type of experience they bring to the table. Just because someone has been working in finance for many years, doesn’t mean that they have the understanding to navigate tax laws that relate to small businesses.

Your best bet is to choose an accounting team that specializes in the types of services that you need. For example, if you are launching a start-up, look for accounting services focused on small businesses, instead of hiring a big, corporate accounting team.

2. Does Your Accountant Have the Right Education and Accreditation?

Anyone can say that they are a financial professional. But, knowing how to do data entry in an accounting software isn’t the same thing as analyzing reports and putting together a financial strategy. Ask your new accountant about the education they gained to be qualified for the position.

Knowing information about their education and experience is a great way to ensure that they have the skill set the is needed to boost the success of your company. You need to hire someone that is familiar with all types of bookkeeping systems and is willing to learn more about the nuances of your company.

3. How Often Can You Ask Questions?

Some accounting services only offer communication once or twice a year. You talk to your accountant at tax time, and then the conversation is over until the next tax season. While it is important to have an accountant who can help with taxes, you shouldn’t overlook the benefit of ongoing accounting and bookkeeping services to help your company throughout the year.

The best solution is to choose an accounting team that is always available to answer your questions. Ongoing support will make a big difference to your tax strategy, helping to minimize the amount of money that you need to pay in taxes.

4. Is the Accountant Honest and Trustworthy?

When you are handing over the financial information for your company, you need to make sure that you have a team that you can trust. Never provide password information for your financial system unless you know that you are working with a reputable team.

There are many scams in the business world, with thieves who are just trying to gain access to your bank accounts. So, it is important that you do your homework to learn more about the company that you are planning to hire. Research the business, look for online reviews, and ask around to make sure that you are picking a reputable team to help with your bookkeeping and accounting.

One way that you can determine the reputation of the company is by asking for references from other clients. Testimonials and reviews can shed light on the quality of service that you can expect if you hire the accounting team.

5. Will You Receive Reliable Services?

Ongoing accountant and bookkeeping services are essential so that you can stay ahead of the cash flow for your company. If you hire someone that procrastinates the work, then you will likely be facing a messy financial situation in the future. A better solution is to hire a team with a proven system in place.

The ongoing services depend on the needs of your company. You should have a consultation with the accounting team to discuss the services that are necessary. Then, a schedule can be designed to match your preferences. This schedule should include all of the important aspects of financial tracking, such as data entry, reconciliations, payroll processing, tax payments, tax filing, and more.

Reliability is also important to give you access when questions come up. Will you be able to get on the phone with your accounting team if you have questions about a financial situation? Reliability is not only consistency with the tasks that need to be completed. It also means that your accountant will respond when you contact the team for more information.

6. How Much Transparency Will Be in the Reporting?

If a mistake is made along the way, it is important that you have transparency in the reporting to identify the problems. Accuracy is one of the most important aspects of an effective accounting system. So, you need to make sure that you have the information readily available at any time.

Transparency means that you will be able to see the work that is being completed. You can also pull financial reports to understand the current cash flow standing of your company. Plus, the accountant will be available to explain the reporting and transactions so that you can be sure that everything is on track for the future.

This openness for communication is essential so that you have all of the information that is needed for the financial health of your company.

7. Do You Have Credit and Cash Flow Management Strategies to Use?

Instead of just tracking the transactions that move through the company, your accounting team also needs to look at the strategy that will impact the financial health of your business. Most companies have credit cards and lines of credit that are used to keep the business going. Debt can be an effective way to push through slower times. But, these balances can quickly get out of hand, making it hard to get on top of the cash flow once again.

Instead of spending a lot of money on business debt, you should talk to your accounting team to look for solutions to minimize spending and pay down the balances. These strategies will contribute to the financial health of your company. Not only will you be able to manage your cash flow more effectively, but you will also be able to stay ahead of future costs that might be incurred.

A healthy business will have an emergency savings account to cover any unexpected costs that might come up. Plus, there will always be enough cash flow to stay current with the anticipated bills that come through every month. Many business owners have a hard time putting together a system to stay ahead of bill payments and credit management. So, it is a good idea to hire an accountant who can help with managing these details.

8. How Much Do the Accounting Services Cost?

The cost of the accounting services needs to be analyzed, to make sure that you can support the payments that will be needed. If you are hiring an employee to manage in-house accounting work, then you will be facing expensive costs for the salary, benefits, office space, and more. For small businesses, it probably doesn’t make sense to bring on another employee.

Instead, a better solution is to find an outsourced accounting team who can help with your business finances. You will see that the costs of a small business accountant go down when you bring on an outsourced team instead of hiring an employee. Not only will you access the skills and services that you need, but you will be able to save money at the same time.

The great thing about outsourced accounting is that your accountant can be located anywhere in the country. Instead of being limited to a geographical location, your accountant can use technology to manage your bookkeeping online. Then, you have instant access to the reporting system so that you always have a current picture of the financial health of your company.

Do you want to learn more about the benefits of outsourced accounting? You need to talk to our team at Easier Accounting. We have been working hard to build a great reputation in the industry. You will see that our services are leading the industry, offering the best options that are needed for small business accounting. Call today to see if our services match the needs of your company: (888) 620-0770

Is it Better to Hire a CFO or Outsource Your Small Business Financials?

How many people are employed by your company? If you need to bring in a specific skill set to help with your business goals, then the first inclination is often to post a job opening and hire another employee. While there’s nothing wrong with hiring employees, it is important that you consider the needs of your business and all of the options that are available.

Not only will you take on the financial burden of one more salary to pay, but you also need to oversee the in-house management of an additional person. So, you should evaluate your motivations for hiring another employee, and also consider the benefits of outsourcing if it makes sense.

Today we are going to compare the options that you might be considering if you need help with your business financials: in-house bookkeeper or accountant, hiring a CFO, or outsourcing the tasks to an experienced team.

Be Prepared if You Hire Another Employee

If you are hiring an employee to help with business financials, then you probably need someone to assist with basic bookkeeping tasks, such as tracking transactions and cutting paychecks. On the other hand, a high-level executive can be helpful if you need assistance with bigger financial decisions.

It can be a hassle to go through the process of finding the right employee that will fit the scope of work that you need. Plus, you will need to ensure that a good onboarding program is in place to help the employee learn more about the in-house practices that you are using.

On top of the logistics of bringing another employee into the office, you also need to think about the monthly costs that will need to be covered. Most small business owners only think about the salary that will be paid. But, you shouldn’t overlook the additional costs that come with employees: employment taxes, benefits, office space, equipment, and more.

The salary is just the starting point… with many other cost burdens that will need to be carried by your company. These expenses go up exponentially if you are hiring a top-level executive instead of an entry-level bookkeeper. You will spend more money for an experienced CPA or CFO compared to the costs for someone who is only looking after the books.

Outsourcing for Efficiency and Affordability

In comparison, outsourcing gives you the access to the skill sets that are needed without the hassle of bringing another employee onto the team. You can hand the financial tracking responsibilities to an experienced team. But, there is no need to pay the costs of a full-time employee or benefits.

Many small business owners see the benefits of outsourced accounting. These services are growing every year, giving you more access to the best in the industry without the need to hire an employee. It is a win-win situation: accountants and bookkeepers love the freedom of self-employment, while small business owners can minimize costs and maximize profits.

What Skills Do You Need?

Whether you are hiring an employee or choosing an outsourcing team, you need to consider the tasks that should be addressed and the skills that need to be provided. If you don’t know a lot about business finances, then it can be hard to know if you should hire a basic bookkeeper, accountant, or CFO.

Here are a few questions that you can ask to help you identify the skill set that will fill your needs:

  • Do You Need Someone to Manage the Invoices and Paperwork? In some cases, business owners already have an accountant to handle tax filings. But, it can be a challenge to keep up with the invoices that come through the office each day. If you are looking for a person to oversee the filing and data entry, then a bookkeeper might be the right solution. There’s no need to pay someone with more experience if you won’t be using their services for financial analysis or tax preparation.
  • Are You Looking for Help with Tax Preparation and Strategy? Then, you will be best served to hire a CPA to oversee these tasks. A CPA knows the current tax laws and they can help with the strategy of minimizing your tax burden. Their job is to make sure that you are staying in compliance with the various state and federal regulations. In most situations, a CPA will keep the financial records and perform regular audits to ensure the quality of the reports. At the same time, they also take care of the reports and paperwork necessary for tax filing. If you face an IRS audit, then a CPA will assist with the proceedings.
  • Do You Need an Expert to Forecast the Future and Design a Financial Strategy Around Your Business Plan? Then, a CFO might be the right answer. CFOs don’t handle the busy work like invoice data entry or payroll processing. Instead, they are looking at the way the numbers are working out to anticipate the future of your business. A CFO can help with the capital structure of your company, as well as assisting with fundraising and relationships with investors. The goal of a CFO is to help a company sustainably reach peak performance levels, helping to improve company profits.

CPA vs. CFO

The benefits of hiring an accountant are if you need someone to oversee your business finances to ensure that the reports are accurate and you are maintaining compliance. A CPA can also assist with clarification of tax law, as well as preparing and filing the tax paperwork. If needed, these skills might encompass other financial tasks such as bookkeeping, payroll preparation, and more.

On the other hand, a CFO is needed if you require higher-level financial analysis. Don’t hire a CFO if you just need help with tax preparation! Instead, a CFO offers the skill set to bring insight and top-level strategy for the operations of your company. CFOs focus on the future of the business, forecasting, anticipated cash flow, and long-range planning to help the company grow. In comparison, CPAs are usually focused on reporting and accuracy of historical data.

One of the biggest mistakes that growing businesses make is hiring an accountant and assuming that they will get the full long-range strategy and business plan designs that should be coming from a CFO. Accounting services are perfect if you need tax strategy services. But, you need to tap into the expertise of a CFO if you need forecasting and financial strategy.

Best Solution? Regular Accounting with Occasional CFO Services

If you are running a start-up or small business, then the highest priority is to make sure that you are maintaining regular accounting services to keep up with the daily financial tracking and reporting. Your accountant can oversee company assets and offer the technical financial knowledge that you need as you are making decisions along the way. Accounting services are also essential to make sure that you are current with internal auditing.

To sum it up, most small businesses need accounting services for tax preparation and more. But, not all companies need to bring on a CFO. Instead of hiring a full-time CFO, consider the benefits of occasional consultations until your company is strong enough to carry the costs of a full-time CFO. In the meantime, don’t harm the future of your company by cutting corners on accounting services. These regular financial skills are essential to make sure that you are staying on track and keeping up with the cash flow demands for your company.

Accounting Services Will Boost Your Results and Decrease Your Stress

Most business owners will agree that hiring an accountant is one of the best decisions they made for their company. Your accountant can take responsibility for the financial reports. Instead of crunching the numbers, you can turn your attention to the business development activities that will help your company grow.

If you want to expand your offerings and help your company grow, then it is essential that you hire a CPA to assist with your tax strategy and preparation. These services are key so that you don’t have to carry the financial responsibility on your own. Plus, you will make better business decisions when you always have accurate financial reports to assess the current status and anticipated cash flow for the year.

Is it time for you to bring in the accounting skills that are needed for your small business? Instead of spending the cash on a full-time employee, consider the benefits of outsourced accounting. You will have full access to an experienced team while saving money on your monthly cash flow at the same time.

Our team at Easier Accounting specializes in these accounting services for start-ups and small business owners. We invite you to call us today to learn more about the options that can support your business goals. We will cater the services to match the needs of your company, helping to create the long-term success that you are working hard to achieve. Call today to learn more about the services that we offer: (888) 620-0770

6 Steps to Help You Get Started with Outsourced Accounting

Financial management in your business is arguably one of the most important responsibilities that will impact your future success. If you fail to keep up with accounting and financial tracking, then you could be facing cash flow problems and other avoidable issues. Unfortunately, too many small business owners are carrying so many responsibilities that they can’t keep up with the financial requirements of running the company. One option that you might consider is to look for outsourced accounting services.

Most business owners know that financial tracking and accounting is important. But, they just don’t have enough hours in the day to keep up with these tasks. When you determine that you need help with bookkeeping and accounting, then it might seem like a logical choice to hire another employee. Instead of rushing into the decision to bring on another employee, consider the benefits of outsourcing these tasks.

Not only will you find flexibility in the accounting packages that are offered, but you will also see that outsourced accounting is a great way to reduce overhead costs. Outsourcing is much more affordable compared to hiring another full-time employee! You don’t need to worry about office space or computer equipment. Plus, you can tap into the accountant’s expertise without paying a full-time salary every month.

If your workload is adding up and you can’t keep up with the ongoing demands of owning a company, then we invite you to talk to our team for more information. Here at Easier Accounting, we are always available to answer your questions and help you choose the right outsourcing solutions for your business.

Here are a few steps to help you get started with outsourced accounting:

Step #1: Be Clear about the Tasks You Want to Outsource

It can be hard to hire the right outsourcing team if you aren’t clear about the scope of work that you need help with. Instead of looking for a general outsourcer, find a team that offers specialized experience in the areas where you need the most help.

For example, instead of saying that you want to hire an accounting expert, put together a list of specific tasks that you need the outsourcer to do. For more business owners, accounting outsourcing often includes some of the time-consuming tasks that are difficult to manage:

  • Payroll
  • Bookkeeping
  • Accounts Payable/Receivable
  • Tax Preparation and Filing
  • Financial Reports
  • And More

Being clear about your goals will make it easier for you to find the right services that match the needs of your company.

As you are preparing this list, it is helpful to have information about the financial transactions and needs of your company. Your accounting team will likely ask for information regarding the number of transactions that move through your account each month, annual revenue, the number of clients that you have, and the number of employees that are on the payroll. Providing these details upfront can help you see if the outsourcing team can support your business needs.

Step #2: Find an Outsourcing Team with Experience

While it might be tempting to pass the busy work to a stay-at-home mom in your family, you might run into many issues because of the lack of experience and subpar workflow. The best solution is to find an experience outsourcing team that has many years of experience in the industry. Tapping into this expertise reduces the likelihood of problems so that you are prepared to set your business up for success.

One thing to consider is the size of your company and the experience that the accounting team offers for various types of companies. For example, if you are a small business owner or a start-up company, then make sure that your outsourced accounting team has helped with similar types of companies. This hands-on experience is an optimal way for you to avoid common problems that are encountered by business owners.

Step #3: Consider the Costs

One of the reasons why small business owners avoid outsourcing is because they are worried about the associated costs. If you are boot-strapping to get the business off the ground, does it make sense to spend money on outsourced services?

The truth is that outsourcing is usually more affordable than hiring a full-time employee. When you are working with outsourcers, then you can pay for the time that is used, rather than supporting the full paycheck and benefits for an employee.

Plus, you need to consider the opportunity costs of forgoing these services. For example, if you are managing your own tax filing and you don’t have a lot of accounting experience, then it is likely that you are missing out on important write-offs. These mistakes could cost you thousands of dollars in tax expenses over the years. Instead, it is better to let a team of professionals handle the details so that you have an optimal outcome for your tax filing.

You can set a monthly budget for outsourcing so that you know how much these services will impact your overhead costs. Then, look at the potential financial benefits that are possible in the future. Having a team of accounting professionals can be the best thing that you can do to improve your business cash flow and avoid common problems that are encountered by small business owners.

Step #4: Compare Your Options

Now that you have decided that outsourcing is right for your company, the next step is to compare the companies that offer the services that you need. Don’t limit yourself to your local area! Many accounting services and other types of outsourced services can be completed remotely. There is no reason to meet with the outsourcing team face-to-face.

Limiting your choices to the local area will decrease the options that are available. Instead, focus on the services that you need and don’t worry about the location of the outsourcing team. The only consideration is to ensure that you choose an accounting company in the United States so that the team is familiar with the local laws regulating tax filings.

As you are comparing companies in the industry, look at the reputation of the various outsourcing teams. Online reviews and business information can give insight into the company so that you choose a team that you can trust. Since you will be handing over financial details, you need to make sure that you hire a reputable outsourcer that will use discretion with your business information.

Step #5: Schedule an Interview to Learn More

Most outsourcers will offer a complimentary consultation so that you can learn more about the services that are available. Narrow your choices down to your top two or three accounting services. Then, schedule appointments to talk to each team so that you can learn more about these companies.

This conversation will give insight into the customer service that you can expect. It is also an opportunity for you to ask questions to ensure that the services are a good fit for your business.

Step #6: Maintain Regular Communication

Now that you have a reputable outsourcing team to help with your business, it might be tempting to let them handle all of the financial details. But, you need to stay informed about the financial trends in your company. Regular meetings are important so that you can stay current with cash flow, anticipated sales, profits, and more. Your accounting team will handle the mundane busy work, and then provide the reports that are needed so that you are always up-to-date about the health of your company.

Ongoing communication is important for tax filings, payroll processing, invoicing, and more. Set a system and make sure that you stay consistent with the things that need to be addressed in the future. A good accounting team will keep you updated about the work that is being done. Make sure that your team is always available to answer your questions should the need arise.

It is common for financial questions to come up throughout the year. Your accounting team can be a valuable resource so that you can get professional advice about your company. Instead of waiting to talk to your accountant when tax season rolls around, consider the benefits of maintaining communication throughout the year.

Learn about Outsourced Accounting

Do you love the idea of hiring an outsourcing team to help with the accounting needs of your company? Then right now is a great time to schedule a consultation with our team here at Easier Accounting. We will gladly discuss your needs and help you identify the services that are a good fit for your business.

We have many years of experience in the accounting industry. Our specialty is focused on small businesses and entrepreneurs. We know the common concerns that come up for people who are getting started with new business efforts, and our goal is to help you avoid these problems.

Are you ready to learn more? The experts at Easier Accounting are always here to help! We know that outsourcing can be a powerful way for you to leverage future business results. So, we will work hard to support your financial goals and business efforts. Call for more information: (888) 620-0770

FAQ about Outsourced Accounting and Bookkeeping Services

It is common for business owners to have a long list of questions when hiring outsourced accounting or bookkeeping services. If you are bringing in outside help to manage your business books, then it makes sense that you should hire someone you can trust. Ask questions before you hand over financial details so that you can learn more about the experience and services offered by the accounting team.

Easier Accounting is an accounting firm for both small and large businesses. We are always available to answer your questions. You are welcome to call anytime if you want to learn more about improving the financial future for your small business (888) 620-0770.

These are some of the questions that we often hear from business owners who are considering the services from an outsourced accounting team:

What Services are Available?

We offer a wide range of services to match the needs of each client. Instead of using a cookie-cutter approach for every project, our goal is to customize the services according to your preferences. So, we will ask questions about your business and systems that you already have in place. Then, we can make recommendations that align with your requirements.

These accounting and bookkeeping services include:

  • Monthly bookkeeping
  • Tax consulting
  • A dedicated accounting team
  • Audit support
  • Personal tax preparation
  • Business tax preparation
  • Annual tax planning
  • Payroll
  • Depreciation schedules
  • 1009-M creation
  • Conversion from accounting systems
  • Custom financial reports
  • Custom invoice layouts
  • And more!

The best thing that you can do is schedule a complimentary consultation to learn more about the services that are available. We will discuss your needs and offer recommendations so that you can choose the services that match your preferences.

How Will My Business Benefit from Outsourced Accounting Services?

Our job is to make sure that you have all your ducks in a row. We will evaluate your financial plan, keep up with ongoing tracking and reconciliation, and ensure that you are ready for tax payments and filing. These services will help you stay up-to-date regarding the financial health of your company. You won’t have any financial surprises at the end of the year when you are working with an experienced accounting team.

This information improves the likelihood that you can manage your cash flow and keep up with future expenses. Plus, you can refer to these reports when making big financial decisions for your company. Having a clear picture of the financial health of your business helps you to make educated decisions about future expenses, business development, and growth.

Why Outsourced Services instead of Hiring an Employee?

You have the option to hire an employee to help with bookkeeping and accounting. But, make sure that you understand the financial burden of bringing in another employee. Not only do you need to pay the full-time salary, but other associated costs include benefits, office equipment, office space, employment taxes, payroll, and more. These costs can add up!

Learn about the benefits of outsourcing, and you will see that you want access to the financial skills without taking on the burden of another employee. You can have your cake and eat it too… top-notch accounting expertise without bringing another full-time employee onto your team.

How Can You Manage the Books if You Aren’t in My Office?

Technology has opened up a world of possibilities for remote services. We don’t need to be in your office to look over your books. Instead, the work is performed remotely using a cloud-based software. We can view real-time information about your financial transactions, and work on financial reports and reconciliation from any location.

You can also tap into these online resources from anywhere. Even if you are gone on a business trip or out of the country for vacation, you will have ongoing access to the most current numbers for your company. This information can be accessed on your computer from anywhere in the world!

Don’t worry about security, because we always use secure methods when accessing your financial records. The could-based software is protected, offering a safe place to store your information.

Why is Cloud-Based Software Better than In-Office Accounting?

Manual accounting increases the risk of errors in the transactions. If you need to type in each transaction, then there is a possibility of missing keystrokes or typos. Instead, we have found that it is more effective to integrate a software program that imports transactions. Then, our team will review every transaction to detect potential problems.

Keep in mind that cloud-based accounting reduces the risk of losing all the financial information for your business. If your files are kept on the hard drive of your computer, then you could lose everything if the computer crashes. Or, paper copies of the records could potentially be ruined if a flood, fire, or natural disaster damages your building.

Why Shouldn’t a Small Business Owner Use a DIY Approach with Bookkeeping?

As a small business owner, don’t be fooled into thinking that you can handle the bookkeeping without the expertise from a financial professional. Most business owners are pulled by multiple responsibilities that include employee management, inventory, business development, networking, and more. You shouldn’t be wasting your time on busy work like bookkeeping and transaction auditing.

Hiring an outsourced accounting team will free up your time so that you can focus on more important tasks. You can turn your efforts to grow your business while the experts handle the financial details. As a result, you will find it easier to boost future success because you aren’t getting cause up in the busy work.

What are the Dangers of On-Site Staff Handling the Accounting and Bookkeeping?

You have the option to hand some of these responsibilities to your current staff. But, you need to evaluate the skills that the person has to offer, as well as the potential risk that could affect your company. For example, an inexperienced secretary handling the bookkeeping could result in missed transactions, mistakes, skipped reconciliations, and more. If the numbers are off, then it will have a domino effect to impact your financial reports and cash flow.

Another issue that you might face is potential fraud within the company. If you only have one employee managing the financial details, then transactions can be adjusted, and you won’t know the difference. Avoid theft and other problems by hiring a third-party outsourced team who can offer multiple checks and balances to reduce the risk of theft and fraud.

Can You Help with Taxes and Payroll?

We offer more than just basic bookkeeping and transaction management. You can expect full-service accounting solutions from our team. The monthly bookkeeping services are built around your annual tax plan. We will look at the numbers and help you put together an effective strategy to maximize write-offs and help you prepare for future tax filings.

At the same time, we can also offer ongoing support with payroll and other services that are needed. Our goal is to customize your services to match your preferences. So, we will help you identify the right monthly package to match your requirements. If you have questions along the way, then you are always invited to reach out to our team to learn more about how we can help.

What is the Difference Between Tax Accounting Services and Outsourced Accounting?

Most small business owners will talk to their accountant once a year: at tax time. Instead of waiting until tax season to work with our clients, we focus on the ongoing efforts that will maximize your overall financial success. We offer the tax preparation and filing services that you need, but these services are just a portion of your overall package.

In addition to annual tax filings, we keep up with the ongoing transactions that will impact your tax burden. This annual strategy is an important way for you to measure the financial health of your company and prepare for the future.

Will I Give Up Control of the Books if I Hire an Accounting Team?

No, you won’t give up control. You will still maintain full control over the financial books for your company. In fact, many small business owners find that they have more control after hiring an accounting team. When the transactions are kept current, you can trust the numbers that you will find in the accounting system. Then, you will be able to plan and allocate the funds as needed. You always have the final say when it comes to approving payments and invoices.

How Can I Learn More?

If you are interested in learning more about how your business can benefit from accounting and bookkeeping services, then we invite you to talk to our team here at Easier Accounting. We are working hard to provide the best services in the accounting industry. Our services are specialized for small business owners and entrepreneurs. So, you can rest assured to know that you are receiving services from a team with real-world experience in the industry.

Talk to us right away to see the benefits that are available for your company. We are here to help with anything that you need. Call today to see if our services are right for you: (888) 620-0770