Is hiring an outsourced accounting firm going to change the way you do business?
What’s the deal with accounting firms? Are they for any business or just big business? Are they for the typical entrepreneur with a small business or only for the highfalutin, big budget businesses that have money to spare? The most common misconception about accounting firms is a big business to be worth the investment. The truth is that any size business can benefit from hiring an outsourced accounting firm, no matter how big or how small. Before you decide yay or nay, let’s take a look at what they can do for your small business.
The Benefits of Hiring an Outsourced Accounting Firm
When you hire a bookkeeper, an accountant, or an accounting firm, you can then take advantage of all of the benefits of having those experts on your team. Whether you hire them in the very initial stages of planning your business, or you bring them on board when you just can’t do all the work by yourself anymore, it’s never too late to make the move. Here’s a breakdown of some of the benefits you’ll reap when you do:
1. During the startup process, it might seem excessive to hire someone to manage your financial information before you have any money coming in, but this is a great time to bring one on board. Here’s what they can do:
- Help you determine the best business structure for your particular situation, circumstances, and product or service.
- Analyze your financial information and help you build an attractive and robust business plan
- Offer assistance choosing and implementing the best accounting software for your business
2. During day-to-day business, you can benefit from not only the time they help you gain but the services they offer you and your organization, including:
- Correct classification of your employees, including independent contractors
- Build financial statements, and help you sort through them and understand them (you’re not an accountant yourself, after all)
- Manage payroll
- Create reports and high-level overview of all of your financial information
- Prepare tax information and complete forms and filings
3. As your business grows, you’ll require different support, and an accounting firm can provide that as you build your business. This can include:
- Understanding your spending and cash flow to help you make sound purchasing decisions
- Proper management and control of inventory and overhead
- Creating budgets with an eye on what’s around the corner
- Help prevent a tax audit by ensuring accurate reporting and timely filing
The Value an Accounting Firm Can Bring
The benefits of hiring a team of accountants to help you start and grow your business are evident, but it’s not just about the time it will save and the expertise they can lend. There is true value in hiring an accounting firm to support your business. Here are a few things you can gain when you do:
- Keep your accounting and bookkeeping consolidated in one place. You can cut down on costs by using one firm, and you can be sure of a more significant amount of security and oversight knowing there are more than one set of eyes on your data.
- A good firm will be keeping an eye on their competitors, staying ahead of the game, and making sure they can continue to offer the best services, the latest technology, and the most capable team of professionals.
- The value lies in their knowledge and background. They can provide something you or a single staff member can’t – a vast network of training and experience.
To take advantage of all of the benefits and value of hiring the right firm, all you need to do is reach out to the team at Accounting Partners. Click or call 678-990-0924 for a free consultation to learn how an accounting firm can help your business.