If you’re feeling overwhelmed with your business’ accounting needs, you’re not alone. Many business owners stress over profit and loss statements and bank accounts. But the reality is, you don’t have to. Outsourcing your bookkeeping and accounting functions to a CPA firm can sweep this worry right off of your plate. Here are six benefits of outsourcing your accounting to a CPA firm.
1. Meet your business’ unique accounting needs.
No two businesses are alike, which means that accounting should never be a one-size-fits-all approach. An accounting firm has a menu of service offerings that can be customized to your unique needs. This means you can pick and choose from accounting services such as payroll, accounts payable (for data entry and assistance with bill pay), bank reconciliation, producing financial statements preparation, and more.
Determining exactly which services your business might need requires some thought. At PWB, we walk our clients through what we call a “Discovery Process,” during which we seek to learn more about their specific processes and staff roles. This helps our team better understand how to tailor our services to each client’s business.
2. Make the most of your time—and your technology.
Your time and resources are limited, and, in today’s world, business moves quickly. An accounting firm can keep you from having to worry about the myriad of bookkeeping and compliance tasks that can take you away from revenue-generating aspects of your business. Technology can play a central role in the solution. As self-described “techie accountants,” we’ve helped our clients streamline processes and more with some incredible software platforms and apps. It’s amazing what technology can do—and a business CPA firm can help you make the most of it.
3. Choose the right level of accounting support.
An accounting firm will typically give you options for support. At PWB, for instance, our two primary service packages are oversight or fully outsourced accounting. Oversight might make sense if you have an in-house bookkeeper. In this role, the firm serves as your outsourced CFO to keep your bookkeeper on track, advise as needed, and facilitate outsourced monthly financial statement service discussions. This also gives you an insurance policy: if your bookkeeper leaves, your accountant can step in and keep things afloat.
Fully outsourced accounting, on the other hand, keeps you from having to worry about staff turnover. Instead, you benefit from continuity in your accounting department. An accounting firm that hires top talent will also give you peace of mind that your financials are in highly skilled hands.
Best of all, an accounting firm gives you the benefit of scalable support. As your business evolves, your operations will change, and there may be times when you require more or less accounting support. A CPA firm can scale up or scale back its services accordingly.
4. Get the most bang for your buck.
Working with an accounting firm that charges a fixed fee gives you a known cost, making it easy to budget. Plus, you don’t have to fret about the costs associated with employing a full-time staff member. Instead, you get high-value horsepower right when you need it. This is something that’s particularly important to our PWB team, as we take a value-based approach to serving our clients.
5. Minimize your tax liability.
With an accounting firm on board, you have a highly skilled professional keeping a close eye on your financial information. With this insight, your CPA can make proactive, timely recommendations for tax planning which can help you minimize your tax liability.
6. Easily access the resources you need.
Most CPA firms offer tax, audit, and specialty services in addition to accounting. Working with a firm that offers a full range of services could be highly beneficial if a financial or tax issue were to arise, as you could easily access the expertise you need. At PWB, our advisors come from a variety of backgrounds ranging from the country’s top CPA firms to successful private businesses. With this deep pool of expertise, we’re always ready to go to bat for our clients if needed.
Ready to learn more about how an accounting firm could benefit your business?
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Brought to you by: Peterson Whitaker & Bjork, LLC