Stop the Headaches! 5 Benefits of Outsourcing Your Small Business’ Accounting
Your eyes are straining from reading through tax codes, your head is throbbing thinking about all the bills you have to pay and you panic when you realize you still have to run payroll. But accounting stuff is just something you have to power through as a business owner, right?
Not so much.
Outsourcing your small business accounting to a trusted firm not only does wonders for your mental health, but it can also improve your business. Here are some ways an outsourced accounting arrangement can help.
1. Less frustration and stress at tax time.
Like holidays, tax season comes around just once each year. But while the holidays will have you throwing parties, tax time will have you throwing furniture. As a small business owner, you’re busy with your day-to-day operations and strategic growth plans. Adding tax preparation to the mix could leave you overwhelmed.
Leave the latest tax codes and number-crunching to the efforts. You’ll cure yourself of tax-time headaches and get the full-benefit of the tax code through applicable deductions, incentives and credits.
2. More accurate records and less of a record-keeping burden.
Taxes aren’t the only record-keeping burden your company has to bear. Payroll, invoicing, financial statements and many other accounting tasks are all part of the mix, and it’s critical for the numbers to be accurate. But this probably isn’t your specialty … unless you’re running an accounting firm.
Outsourcing your accounting to a trusted expert can give you confidence that your records are in order and the numbers are accurate – so you can focus on growing your company.
3. Accounting advice whenever you need it.
There are times when accounting matters weigh heavily on strategic business decisions. Sure, you can take to the Internet to find general information that can help guide you. But an experienced accountant with knowledge of your business’ finances can offer much sounder advice. There’s no need to put in hours of research to figure out questions that can be answered with a quick phone call or email.
4. Cheaper than a full-time accountant on staff.
For some business owners, the first reaction to overwhelming accounting concerns may be, “I need an employee to do this.” Hiring full-time staff is one way to tackle the problem, but it’s probably not the most cost effective route. Outsourcing your accounting to an expert firm costs less, comes with no hiring or onboarding concerns and ensures that you get the most for your money.
5. Peace of mind that an expert is handling your accounting.
Hiring a full-time accountant or trying to tackle the task yourself can lead to a lot of uncertainty. Did you get the math right on that balance sheet? Did you find someone with the right qualifications? Will the hire be a good fit with the company? A trusted, outside accounting adviser can put an end to some of the uncertainty because you’ll know you are entrusting your record-keeping to an expert in the field who will put their skills to efficient use for your business.
McManamon & Co. understands the accounting needs of small and midsize businesses, and we put our expertise to use for companies across a broad spectrum of industries.
To learn more about our services and how you can benefit from outsourcing your accounting, visit us at mcmanamonco.com or call 440.892.8900.
Tags: McManamon & Co., outsourcing your accounting, record-keeping, small business accounting | Posted in accounting, McManamon & Co., small business, taxes