Get a Grip on Your Small Business: Outsource Your Accounting Needs

Many small business owners often make the mistake of assuming that they can deal with most things on their own. While you may have a core team to manage key challenges, certain things are best left to professionals. Hiring an Atlanta accounting firm for your business could be a great way to expand your horizons. Outsource your accounting needs has many benefits. Below we have discussed what an accounting service can do for you, along with tips for choosing one. 

Things an accounting firm can do 

Depending on the arrangement you have with the CPA, you can expect services like: 

  • Bank reconciliation statements
  • Help with generating income statements
  • Checking and verifying general ledger
  • Generating balance sheet
  • Help with tax planning
  • Assistance for setting up QuickBooks

Accounting services are aware that small businesses don’t always have the resources to hire different teams for different accounting & tax-related matters. As such, their services tend to be comprehensive. 

Benefits of outsourcing

As a small business owner, you need to consider every aspect of outsourcing in detail. While the costs may seem like an immediate concern, there are several benefits that justify the spending. The ten immediate advantages include:

  1. Identify lost checks, unknown wire transactions, and other details
  2. Prevent embezzlement of funds
  3. Reduce the burden on your in-house team
  4. Better cash flow management
  5. Prevent financial crimes
  6. Track revenue and expenses
  7. Focus on budget-related concerns
  8. Fix expenditure issues before things go out of hand
  9. Identify and analyze trends
  10. Plan expansion and growth accordingly

In addition to that, if you compare the costs of outsourcing with having your own team, you would find a huge gap. 

Choosing the right accounting firm

Not all accounting firms in Atlanta are the same, and only a handful can handle small business matters. Check the clientele of the firm and if they have experience working in your industry. You also need to consider whether their team is available for unlimited consultations. There are accounting services that are extremely active during the tax season but cannot be traced after that. You need a team that’s reliable and is available around the clock. Ask them if they can help train your team to handle QuickBooks or any other accounting software. 

As for the estimate, small business accounting doesn’t have to cost a fortune, and before you choose a service, consider what it can do for your business in the long run.