Why Small Businesses Need Accounting Firms

You’ve started your own business and guess what, you are successful! Everything is going well, you are growing steadily and have a strong presence in the market. Everything seems strong financially speaking too! Well, you think so anyways. You aren’t 100% sure because you’re not an accountant, and some of this stuff is way over your head. Don’t worry, you are not alone. There are many reasons why having an accounting firm in your business’s arsenal is key, and today we are going to be reviewing a few of those points with you.

One of the biggest benefits of hiring an accounting firm is that you have a team of accountants managing your books. That is a huge peace of mind for you as a business owner. When you take care of your books in house you have a limited knowledge base. You may hire a full-time bookkeeper to your staff. Is that an option? Yes, of course. But by doing so remember you only get their knowledge and experience level. And, let’s face it, you aren’t an accountant either, so you aren’t confident that they are doing things correctly either. When you outsource your accounting and bookkeeping, you get the experience starting with a bookkeeper and going all the way to an experienced CPA and Controller. How cool is that? And guess what, you will most likely pay less than you would when you hire someone in house. That’s right, you heard us correctly. Less cost! When you add in salary and benefits, most in-house bookkeepers can cost anywhere $40,000 – $50,000 a year plus benefits. That is a big decision factor when you are trying to decide how to move forward in managing your business.

An accounting firm also offers top recommendations on the best accounting software and management techniques to make sure that your business is running efficiently and smoothly. Every business grows and changes over the years and having the proper tools to support your business during those times is key. When you outsource, you also get access to the top experts in the field. That means that they have a pulse on the new technology and best practices for businesses and knowledge of specific industry needs. Just because you start in one accounting software, doesn’t mean that is where you need to stay. With technology like Sage Intacct and Microsoft Business Central, there may be software out there better suited for your needs. Accounting firms can provide recommendations and the skill for the implementation of that software.

Another great benefit to having an outside firm is knowing you have professionals on your side giving you the most detailed and accurate information. You did not start your own business to be an accountant, you did it to follow your passion. But accounting is a huge part of running a successful business. This role is responsible for a variety of functions including paying bills, payroll processing, sending out invoices, reconciling bank accounts and so much more. More importantly, it helps you get a clear picture of how successful your business is. With outsourcing, you know that you are getting the most detailed and accurate financial picture of your business.

All these reasons and more are why businesses choose to outsource every day. Whether you are a new business or a well-oiled machine, outsourcing your accounting and bookkeeping is an excellent choice. At Devine Consulting, we are all of this and more. Want to talk to us and see what we mean? Call us today at 281-545-4000!

Jennifer Devine