A working relationship with a trustworthy and skilled accounting firm is what you need to keep your business afloat.
Business owners who contract an accounting firm find they have more free time to devote to other important operations. Do you still try to pay your invoices by hand or manage your payroll each month? If you do, you understand the challenges these tasks present on a regular basis.
Instead of attempting to wear all the hats for your company, consider passing your accounting records over to a professional firm. Here are the reasons why:
You Company Needs You to Be More Hands-On
As a small business owner, it’s up to you to pave the way for your company. While you may think it’s wise to manage your own finances, you should reconsider. Working with an outside firm will help you be more hands-on in other departments. Accounting is a non-stop task. As soon as one bill gets paid, you receive another invoice. Plus, you definitely don’t want to forget to pay your taxes on time.
If you want to put your efforts elsewhere, it’s time to release the tight grip you have on your financial records. Not only will a responsible firm keep these documents private, but they will also notify you immediately of any changes they find. You don’t have to lift a finger to keep your accounting department operating at its fullest.
You Need a Strategic Budget Plan
How much money can you spend on training this month? What do you estimate your cash flow will look like at the end of the quarter? These are the types of questions small business owners find themselves asking almost every day. But, without the proper background, they may not be able to answer them correctly.
However, if you have an outsourced accounting team working for your company, these answers will be just a phone call away. When you can see a clear picture of your revenue, it becomes easier to make everyday business decisions. You’ll be able to identify where you can put more money or where you need to scale back. Having these reports available whenever you need them will help your bottom line.
You Have Employees to Pay
Why do your employees work for your company? While they may love the atmosphere and believe in the brand, your workers come in each morning because you pay them. They trust you will provide them with an accurate paycheck every period. If you make a mistake once, they may forgive you. However, if you frequently mess us their pay, your best employees will look elsewhere.
Losing high-quality workers will cost you more in the long run. You will end up allocating quite a bit of money towards advertising open positions or training new hires. On average, you’ll spend a minimum of $4,000 hiring a new employee. Don’t forget the valuable time you’ll lose interviewing candidates. And to think, hiring an outside accounting team would have guaranteed your paychecks went out on time. You would have a better chance of retaining your best employees. Letting someone else manage your payroll is a huge weight off your shoulders.
Finding a Firm That’s the Right Fit for Your Small Business
You don’t want to trust your accounting paperwork with just anyone. You need a team who will go above and beyond to keep your small business in compliance with local and federal regulations. Accounting Partners, Inc. has been in the industry since 1996, and we always go the extra mile for all our clients. From balancing your books to filing your taxes, you can trust us to handle all of your financial needs.
Call 678-990-0924 for a free consultation to learn how an accounting firm can help your business.