Why Outsourcing Accounting Services is a Good Option.
Sound financial strategies, good tracking and reporting on financials, and organization are just 3 key components to running a business. When business owners and entrepreneurs come to our office, many times they are coming up short in some of these areas. Sometimes it is important and beneficial for a business owner to take a step back and focus on running and growing the business, and leaving the accounting for an expert advisor.
Strategic Alignment for Financial Goals
It can become consuming, running a business. Focusing on employee management, inventory, marketing, and development. These tasks are necessary, but can make financial reporting and accounting more complicated. Sometimes business owners get so caught up in keeping track of everything and forget to take a look at the broad outlook of the company and its financials. When this happens, strategic tax plans and cash flow can become compromised.
Hiring a tax advisor who can also help with bookkeeping services and implementing ongoing tracking systems that report spending, income and cash flow, can be beneficial. Having a trusted advisor, like Elias Strauss CPAs, allows a business owner to continue focusing energy on running the business, while getting the advice and financials to back up that advice from a trusted source.
Not having a good accounting system in place has consequences. For example, the book income of a business is often times different than the taxable income. Without a proper system in place or advisor to keep you apprised, a higher tax bill than expected could hinder cash flow. Another example would be excessive spending in an area without the proper return. This type of oversight can happen in the normal course of business but can be mitigated by timely and accurate financials.
Are Poor Accounting Practices Hurting your Company?
If the answer to any of the following questions is yes, then you should consider, at least, talking to an advisor.
- Does accounting and bookkeeping fall to the back burner because you are too busy during the day?
- If the person responsible for bookkeeping left, would you be lost?
- Have you assigned bookkeeping to someone who has no formal experience?
- Do you feel like you financials are not useful because they are not up to date?
- Would it be difficult to figure out your profit margin without extensive work and research?
- Are you consistently up against tax deadlines?
Accounting practices are important, but they don’t have to ruin your day. If you own or manage a business and any of these reasons resonate with you, then reach out to us at Elias Strauss CPAs and we would be happy to talk more in depth.