Two Tips on How to Stop Continually Worrying About Accounting
Running your business takes a lot of effort. You have to find new customers, take care of your existing customers, manage employees, oversee marketing and sales, and develop new products and services.
Accounting and finance is not on that list, but it is equally critical to the success of your organization.
#1 – Outsource Your Accounting Functions
It may be prudent to outsource your accounting functions or at the least, reach out to an accounting consultant in your area. Rather than hiring an in-house team, which will require management resources, outsourcing these accounting functions can allow you to concentrate on your core business. Here are just a few of the many tasks an outsourced accountant can do for you:
- Preparing and improving financial statements
- Maintaining your general ledger
- Assisting in monthly and year-end closings
- Preparing and processing payroll and accounts payable
- Reconciling accounts
- Performing internal audits
- Designing your accounting system
- Assisting with financial software
- Filing taxes
You don’t need to manage an internal accounting department. Doing so spreads your resources thin and forces you to hire and manage additional staff. Instead, an outsourced accountant becomes your virtual accounting department. Even though accountants work off-site, they are just an e-mail or phone call away, so you can access important company information.
#2 – Gain Expert Advice and Ensure Compliance
Payroll is a complex process on its own. If you don’t properly classify your staff and pay them appropriately, you can face stiff penalties from the Internal Revenue Service. An outsourced accountant can control your payroll functions and ensure that you’re compliant with state and federal requirements.
Bookkeeping is another aspect of your business that requires extreme attention to detail. And it is the number-one task that small business owners routinely neglect. You don’t have to struggle with this task if you work with an outsourced accountant who can help maintain your books. By relinquishing some financial control, you can feel more in control off all aspects of your operations.
An outsourced accountant can be a source of expert advice and compliance information. They can provide tips on reducing your business costs and improve your overall productivity. They can help you better manage your time so you and your team can remain efficient and engaged in the essential tasks of running your business.
If you want to hire an expert to take the burden of accounting off your plate so you can concentrate on your core business, contact us today.