Even if you feel you’re able to manage your finances as the owner of a small business, there’s a big difference between merely taking care of the basics, and expertly taking care of the necessary bookkeeping and accounting.
While many small business owners feel they can save money by not seeking professional help, when you add up the cost of penalties and missed deductions that are typically made through inaccurate record keeping and tax filing, it’s almost always more cost-effective to work with experienced accountants in Coral Gables.
Below are some of the tasks you can reasonably expect an accounting service to take expert care of for you:
- Book and record-keeping – this includes such things as maintaining accurate records of all transactions, expenses, cashflow etc.
- Financial reporting – balance sheets and income statements are just two of the many financial statements that an accountant will prepare to help you monitor the financial health of your business.
- Tax prep and compliance – most small business owners are more than happy to hand these tasks over to a tax professional, which includes making sure tax returns are filed accurately and on time.
- Payroll – some accounting firms offer payroll processing for small businesses with employees, as well as tax filings.
- Audits and risk management – having an audit carried out on your business can be stressful and time consuming; an accounting professional will guide you through the process and set up error and fraud-prevention controls.
- Financial advice – as your business grows, an accountant will help you budget, forecast and strategically plan for the future.
What are your options for accounting assistance?
Small business owners have a number of different ways to seek accounting help:
An in-house accountant or CPA
Having someone in the office to address concerns as they happen, and who knows the business intimately, can be beneficial. However, when you consider the cost of salary and benefits, it’s the most expensive option.
A fractional accountant
Hiring a contract or part-time accountant can give you the expert help you need, for less than the cost of a full-time professional. If you need time-sensitive assistance with anything however, they may not be immediately available.
Use accounting software
This is an affordable option, and means that a lot of bookkeeping and basic accounting tasks can be automated. But you can only get the best out of such software if you learn how to use it properly, and always be mindful of the fact that it can’t give customized, personal advice or make sure that you’re tax compliant at all times.
Outsource accounting
An affordable option for small businesses, working with an outsourced accounting firm in Miami means that you can save all the costs of an internal hire, and select accounting packages that are within your budget. While you don’t have face-to-face help with your accounting, you can chat to them by phone, videocall or email as and when needed.
The majority of small businesses don’t need to invest in an in-house accountant or bookkeeper, but that doesn’t mean that they wouldn’t benefit from their expert guidance. Outsourced accounting offers the best of both worlds, enabling businesses to save money on recruitment, while still getting expert help with their books and finances.