Most small businesses don’t need the expense of hiring an in-house accountant. Outsourcing your accounting needs is the smart option for getting expert financial advice and assistance. Indeed, small business owners realize that hiring a full-service accounting firm is a wise decision for achieving financial goals. With access to a CPA, small businesses have the services they need to become more profitable.
As a small business owner, you understand the need for delegation. By hiring an accounting firm, you gain the financial expertise you probably lack. Good business owners know their strengths and realize when they need to partner with someone who has more knowledge in a certain field, such as accounting.
With an accounting firm managing your financial records, you can focus on the day-to-day operations of running your business. With bookkeepers, accountants, and CPAs at your disposal, you have all the services you need during the various stages of your business growth. Further, these professionals help you to reduce your costs by providing insight into your company’s financial health.
Accounting firms offer services such as the following:
• Tax return preparation
• Financial advice
• Creating financial statements
• Accounts payable and receivable
• Debt planning
• Financial analysis and reporting
• Labor cost management
• Expense and revenue tracking
• Bank account reconciling
Bookkeepers record financial data, while accountants analyze this data to create financial reports such as profit and loss statements. A CPA, or Certified Public Accountant, has advanced training as an accountant and is licensed by the state. What makes a CPA important to a small business is that these highly-trained professionals offer specialized services that are not possible with a general accountant. For example, the CPA knows the tax code and must stay current with the changing tax laws.
A good accounting firm provides its clients with the financial services required during each phase of business growth, including CPA expertise. While the needs of an organization may vary, an accounting firm offers peace of mind that your financial responsibilities are taken care of. For more information about our services, please contact us today.
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Everything You Need To Know About Form 1099-NEC
An Overview of the Net Operating Loss Tax Provisions in the CARES Act
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Why Every Small Business Needs a Bookkeeper?
Tax Credits That Could Benefit Small Businesses