Accounting Services

Many business owners know that financial accounting is essential, but they may not realize its importance. After all, accounting is the process of keeping track of your financial transactions. Wrong. Accounting is so much more than that. It's about understanding your financial position, identifying potential growth areas, and making sound decisions to help your business succeed. In short, accounting is essential for ensuring the health of your business.

So what does this have to do with your bottom line? Everything. Good accounting practices can save money by helping you avoid costly mistakes, identify areas of wasted spending, and maximize your profits. Businesses that practice good accounting typically see a 20% increase in earnings within the first year. So if you're not already focusing on accounting, now is the time to start. Your bottom line will thank you for it.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide helpful information for business decisions. The accounting cycle begins with recording transactions in journals, which are then posted to ledgers. 

From there, accountants prepare financial statements, which are used to assess the financial health of a business. Accountants also use accounting information to recommend how a company can improve its financial performance. 

Accountants are not just number crunchers. They give you the insight to help you operate your business more smoothly and efficiently. 

Accounting plays a vital role in business. It provides information that is used to make decisions about how to allocate resources and manage finances.

There are three main types of accounting: financial accounting, managerial accounting, and tax accounting.

Financial accounting is the process of recording, summarizing, and presenting reporting over a specified time period. 

Managerial accounting is the process of analyzing the financial reporting to managers so that they can make decisions about how to allocate resources and manage risks.

Tax accounting is providing financial information to minimize the amount of taxes a company has to pay.  The Internal Revenue Code dictates this and is typically done on a cash basis.

Many business owners ask whether to choose a monthly accounting service or opt for less frequent accounting methods. There are several reasons why monthly accounting can be advantageous.

First, it helps to keep your financial records organized and up-to-date. This is essential for preparing accurate tax returns and financial statements.

Second, monthly accounting can help you identify potential problems early on and take corrective action before they become serious.

Third, having a trusted accounting professional on hand to answer your questions and provide advice can save you time and money in the long run. Ultimately, choosing monthly accounting will depend on your specific needs and preferences. However, for many businesses, monthly accounting is the best option.

Accounting can be complex and time-consuming, which is why many businesses outsource this function to a professional accounting firm. The cost of accounting services will vary depending on the size and complexity of your business and the number of transactions you have each month. Your choice will also depend on the additional value that your accountant brings to you.

Several factors go into the pricing of financial accounting services. We would be happy to discuss the different options with you.

Cost is typically more cost-effective when compared to an in-house Full-Time Equivalent.

As experts, we work with both QuickBooks Online and Sage Intacct.  Both are great systems, and depending where you are in your business cycle will depend on the best fit for you. This is something that we work with you on during onboarding and could change over time.

How can you tell if it's time to make the switch?

A few key signs indicate it may be time to look for a new accounting firm.

First, are you working with just an individual who may not always have time for you? A team of professionals can be more responsive to your everyday needs.

Second, if you must continually ask for information from your current firm, it is time to make a change. Some firms merely do the work to prepare taxes, and most companies need regular accounting to assess how their business is doing. 

Finally, if you're not happy with the level of service you're receiving from your current accounting firm, it may be time to look for a new one.

Making the switch to a new accounting firm can be a big decision. But if you find that your current firm is no longer meeting your needs, don't hesitate to make a move. It could be just what your business needs to take things to the next level.

Many small business owners handle their accounting, but there are certain circumstances when it makes sense to outsource this task to a professional.

If your business is growing and your accounting needs are becoming more complex, it may be time to bring in help.

Similarly, if you're struggling to keep up with bookkeeping tasks or frequently making mistakes, it's better to hand off this responsibility to someone who knows what they're doing.

Finally, it's worth considering outsourcing if you don't have the time to devote to accounting.

Ultimately, there's no one-size-fits-all answer to accounting for small businesses. However, if you find yourself in any of the above situations, it may be time to try outsourcing.

Outsourced accounting means hiring an experienced accounting team to provide services for your business versus hiring an accountant in-house.

Instead of hiring one accountant, you can hire another business (like Devine Consulting) to complete that work for you.

One of the biggest benefits of outsourcing is the fact that you can afford to have a team behind you rather than one individual. Much of the time, outsourcing is much more cost-effective, and you get a higher level of experience at less cost.

Outsourcing doesn’t necessarily mean that you are going to another country for the service, either. You can outsource to another local business and support your community.

A lot of times, we hear the fear that if they outsource, who will they go to with questions? With no one down the hall, how will they get all of their questions answered? The nice thing when you outsource is all you have to do is pick up the phone and call.

Want to meet with someone in person? No problem! You can easily schedule a meeting (virtual right now, of course).

When you see the word outsourcing, it can be confusing as there are so many different definitions of the word. But to us, outsourcing is getting a team of accountants behind your business. Someone who you can pick up the phone and call anytime to get questions answered and work with people who want your business to succeed. That is what outsourcing really means!