It takes a lot of work to keep up with the business’s finances from one month to the next, and handling the books can be quite a burden for a small business owner. Many times, business owners handle a variety of tasks, including sales, marketing, finances, shipments and more. Too much responsibility can take a toll on the success of the business, and inevitably there comes a time when it makes sense to outsource some of these tasks.
If you are planning to hire a small business accounting service, it is important that you are selective about the accounting firm that you want. These services have a direct impact on the cash flow and profitability of your company, and there are several things that you need to keep in mind before you make the decision.
Are you evaluating your options to improve and streamline various aspects of your business? If so, you may find there are significant benefits to hiring a small business accounting service to help with financial management.
As a small business owner, it is important to stay proactive with your financial details and stay current with your tax planning. Some people think that it is a good idea to save money by trying to do their taxes on their own, but the truth is that there are many benefits to working with a Certified Public Accountant (CPA) throughout the year.
The rate of failure of small business start-ups is well known. The Small Business Administration reports that among new firms with employees, 30% survive less than two years, and 50% don’t make it to five years. For sole proprietors, the survival rate is even lower.