New businesses often try to handle all functions in-house as a way to cut costs. While this strategy is an effective way to get things done temporarily, it is not a great long-term strategy. And one of the first services you may want to secure for your small business is an accountant.
Handling the day-to-day accounting for any business – even a small one – can be incredibly time-consuming. Unfortunately, if you don’t have the right training or familiarity with compliance, you can also make costly mistakes that jeopardize your company’s future.
There are many benefits of working with an accounting services firm, such as:
- Reduced overhead costs: While many business owners opt to handle their accounting as a way to save money, what they fail to realize is that working with accountants can actually save the company money. With accounting services, someone oversees payroll for accuracy, benefits administration, and other expenses. With the proper education and training, these professionals are skilled in their trade, which can reduce the risk of costly errors and oversights.
- Expert guidance: When you work with an accounting firm, you have access to their wealth of knowledge and expertise. They can help you analyze your data to unlock business insights and create better tax planning strategies. Working with these experts can ensure you have an expert on your team who can bring an important perspective when making critical business decisions. They can often help guide your company in a way that aids with business growth and long-term success.
- Better compliance: Many companies in specific industries, such as healthcare and childcare, have distinct compliance concerns. No matter what your industry is, you always have to worry about tax compliance. Unfortunately, the regulatory landscape for any industry can vary from year to year as lawmakers pass new legislation. Even tax laws can change from one year to the next. It can be incredibly challenging to stay on top of all aspects of compliance for your business. But when you work with an accounting team, you can have peace of mind that your documents will be submitted correctly. This method minimizes the risk of costly fines or penalties related to noncompliance. In some instances, you can even have your license suspended or revoked if you have repeated or serious noncompliance issues. Rather than gambling with compliance, working with an accounting team can ensure that you are meeting all of your compliance requirements.
- More time: One often-overlooked benefit to working with an accountant is that you don’t have to do the work yourself or assign it to team members with other primary duties. That means that your entire team will have more time to focus on their primary responsibilities, which often leaves much more attention focused on strategies that grow the business and build your brand.
- Gain a competitive edge: Working with accounting services is a great way to access cost savings, focus on growth, and deliver a better customer and employee experience. All of these benefits work together to help your business run more smoothly. In today’s hypercompetitive market, these benefits may be the key to having an edge over the competition. The expert guidance you can expect when outsourcing accounting functions maximizes profitability and helps give you insight into growth opportunities. It can also help you achieve greater efficiency and decide how to best reinvest in the company in a way that promotes future growth. Taken together, these advantages will help you thrive when competitors may struggle.
- Increase flexibility: One of the hallmarks of the modern market is that it can change very rapidly. Consumer preferences are constantly evolving, and even long-lasting industries are facing obsolescence in favor of new solutions. The reality is that long-term success is often no longer achieved by creating a winning product and staying the course. Rather, successful companies must rethink their products and strategies on a near-constant basis. Fortunately, working with accounting services firms can provide the flexibility you need to help you make key changes to stay ahead of the competition. Additionally, you can scale your services as your business grows. Conversely, if you are going through a challenging period, you can downsize your requirements to help with cash flow, which may be the key to turning things around for your business. The reality is that accounting firms offer great flexibility, which can help your business stay agile in a rapidly changing market landscape.
To learn more about accounting and tax services for your business, contact Parker Business Consulting today!
Parker Business Consulting & Accounting, P.C. is a unique firm with more than a combined 75 years of experience in private industry, coupled with a strong background in public accounting. This combination enables us to provide valuable assistance based on direct experience with many of our clients’ same issues.