Monthly accounting services provide substantially more value than only an annual service. If an accountant only sees your numbers once a year, it is too late to offer advice that would have helped to make that year more profitable. And definitely too late to lower your tax liability for a year that is already over with
Transitions are tricky, but preparing your business to switch to an outsourced accountant doesn’t have to be hard. Make your new financial partner is a good fit, plan ahead and be sure to budget enough time, set goals, and be mindful of potential obstacles.
Mixing business and personal finances is a major problem for small-business owners. Not only does it create headaches at tax time, it also makes it difficult to track the profitability of your company. Worse-case scenario: you get audited by the IRS and end up with major fines. Keeping these two parts of your money life separate is essential to preserve your sanity and to ensure you have a sustainable business model
As your business expands, your financial needs and concerns are going to be dramatically different than they were even a year ago. There are three tell-tale signs you’ve outgrown your firm: 1) They can’t help you when you need to borrow money or expand your business, 2) They can’t provide advice for your business plan or expansion goals, 3) They file something incorrectly because it was too complex.
Many small- and mid-size businesses fail to adequately measure and manage their finances, even though poor financial management is a major cause of business failure. If you don’t have good financial practices in place, your business could suffer in a number of ways, including lost revenue, insufficient tax planning, and missed financial opportunities.
It depends. We’d be happy to have a brief consultation to provide personalized financial advice for your new business, but at a high level, you need three things: a strategic plan, consistent accounting records, and expert advice.
Working with a professional accounting service offers you security and peace of mind. It’s a smart business choice for your company, but you need to decide which accountant or accounting firm is right for you.