How Outsourced Accounting Can Help your Business

StrategyDriven Managing Your Finances Article | How Outsourced Accounting Can Help your BusinessWhen you are looking to grow a business of any kind, having good accounting practices in place is very important. Having good accounting records can help your business make better financial decisions and can help improve the credibility of your organization. As your business grows, your accounting needs will grow as well. For many businesses, taking advantage of local CPA & accounting services can be a great option. These services, such as Gelinas & Pratte CPA Tax And Quickbook Accounting, can offer a variety of benefits to any organization.

Support with All Accounting Functions

One of the benefits of hiring an outsourced service for accounting is that you can receive support with all the accounting functions and responsibilities. Anyone that is running a business will need to be able to provide financial reports, bank statements, and tax returns. The accounting service can help you with the preparation of all of these reports. This will ensure you remain in compliance with any reporting obligations while also having a good sense of your company’s financial performance.

Receive Professional Advice

While you must have your books and financial records in order, another advantage of hiring an outsourced accounting firm is that you can receive professional advice. An accounting firm has likely provided services to many clients in different industries. They can offer you a variety of tips and insights that can help you run your business. They can also offer support for how to prepare for taxes to reduce your obligations in the future.

Focus on Other Areas of your Business

The accounting and finance part of a business is very important, but it is not the only one. Today, business owners will have many areas of the business to manage on any given day. When you outsource this function, it will be one less task that you need to worry about. This can help you free up time and personnel to focus on other areas of the company and operations. Further, as you will not need to hire any staff to help with accounting, the use of an outside service can help you reduce your total operating costs as well.

Any business owner today would benefit by outsourcing their accounting needs to a professional service. Several benefits, in particular, could benefit a business when they choose to outsource their accounting support.

4+ Reasons Why Your Business Needs An Accountant

StrategyDriven Managing Your Finances Article |Why Your Business Needs an Accountant|4+ Reasons Why Your Business Needs An AccountantWhether you’re starting up a new business or have a successful one already, you may feel like you don’t need to use an accountant. After all, if your financials are simple enough to calculate, why pay for the services of an accountancy firm?

Well, whether you may wish to admit it or not, there are actually several reasons why it makes perfect sense to use an accountant for your enterprise. Here are seven of the top reasons to enlist the services of a local and reputable accountancy firm:

1. You can ensure your tax affairs are all in order

Let’s face it: one of the reasons anyone hires an accountant is because they want to lower their tax liability. The thing is, if you attempt to manage your firm’s financials yourself, you could be in danger of paying too little tax. It’s for that reason alone that an accountant can make sure your tax affairs are all in order, especially with things like IR35 and capital gains tax.

2. You find dealing with finances rather boring

Trawling through tens or even hundreds of documents to determine things like turnover, profit and loss, and tax liability isn’t the most fun job in the world. If you haven’t got a head for numbers or just find the idea of dealing with company accounts boring, you are most likely to make mistakes in your calculations. That’s why it’s best to leave such tasks to professionals.

3. You can get advice on improving your business

It goes without saying that accountants have an intimate insight into the financial health of each client’s organizations. With that in mind, when an accountant works on your firm’s financials, they are best placed to advise you where you could improve things in your business to increase profitability. For example, they can suggest ways to save money by cutting out certain expenses.

StrategyDriven Managing Your Finances Article |Why Your Business Needs an Accountant|4+ Reasons Why Your Business Needs An Accountant4. You want to raise extra capital for your business

If you’re planning an ambitious growth project for your business, you may find that you need to secure funding from a third party such as an angel investor or your bank. Before you can ask anyone to lend you some money, you need to provide a detailed insight into your company’s financial health. You will also most likely need to provide financial forecasts to show that your business is a viable one. An accountant is the best person to ask for help with such requirements.

5. You need to have an audit

There are times where businesses must legally oblige with audit requests from government agencies such as a tax office. Some business owners panic when they must comply with audit requests, especially when they’ve been taking care of their financial paperwork themselves. Luckily, an accountant can make it easy for you to provide the required documentation for any audits.

6. You want to sell your business

If you’re planning to retire soon, you are likely going to sell your business and use some of the proceeds to have a comfortable retirement. An accountant can help you determine the value of your business.