As a small business owner, you know full well that your time is best spent growing your business. Unfortunately, you’re spending far too much time on other things. While you’ve rationalized that you need to wear many hats, you’ve also come to realize that you’re not doing what you do best. Something has to change.
This is ultimately why so many small and medium-sized enterprises (SMEs) look to outsource their business bookkeeping with a certified public accountant (CPA) firm. So, what are some of the benefits that come from outsourcing your bookkeeping needs to a CPA firm?
1. Cost Reduction
Reducing costs doesn’t merely involve saving money on a full-time employee, although that is a definite savings of outsourcing. Instead, real savings are measured by how much your small business reduces its tax burden. According to some estimates, upwards of 50 percent of businesses face a yearly fine or levy from the IRS for incomplete or incorrect tax filings.
So, while you’ll definitely save money over having a full-time employee, you’ll actually save even more by having a CPA properly fill out your taxes. Granted, there is no personal or business income tax in Las Vegas Nevada, but that doesn’t mean your business is exempt from Federal taxation. A CPA firm is well-versed in government regulations, tax codes and labor laws. They can help you save on taxes and make sure they’re done right the first time.
2. Improved Time Management
Less time spent trying to take care of your business’s bookkeeping means more time managing your day-to-day operations. You need to commit yourself to growing your enterprise through aggressive business development endeavors. After all, nobody can sell your company’s products and services better than you can. You’re best served by being at the forefront of your business and increasing customer face time. Freeing up your personal time means you’ll be more focused on what you do best.
3. An Extra Set of Eyes
It isn’t merely a question of reducing expenses and freeing up valuable time. It’s also about benefiting from everything a CPA firm has to offer. Outsourcing your bookkeeping to a CPA firm allows you to gain insight from a team of experts whose solid business acumen is backed up with years of pertinent experience. A CPA firm is a fantastic resource on all things business-related.
Many small enterprises count on their outsourced firm for business insight, strategic planning and guidance on how best to manage the company’s finances and reduce its day-to-day operating expenses. In fact, in many instances, a CPA is that silent partner, one capable of providing timely business insight.
4. Reduced Financing
Hiring a CPA firm doesn’t just mean you’ll simplify how you manage your time. It’s not just a question of lowering costs by eliminating a full-time position. It’s also about reducing your company’s costs of financing. The right CPA firm can provide insight on how best to reduce your company’s daily costs of financing. This might involve helping you reduce your costs of inventory and receivable financing, while also helping you better manage cash flow by keeping more capital in your business.
Larry L. Bertsch is a customer-centric CPA firm that helps small businesses secure their long-term future through better financial management. The firm’s goal is to work directly with customers and forge a strong and lasting business partnership. If you are looking to reduce your tax burden, free up valuable time, lower costs, and or just benefit from their insight, then give us a call for a hassle-free, no obligation discussion.