Nobody has more to do at any given time than a business owner. Do you ever really get through your to-do list? It’s hard to ever feel caught up when your inbox has at least 10 unread messages at any given time. So how do you deal with this never-ending pile of work? Prioritizing will at least help you to keep your sanity for a little while. But even so, there comes a point when you have to lean on others in order to stay afloat. So here’s a thought, why not hire professionals to handle the parts of running a business that they do best, while you take care of the things that you do best? In case you need a few more, here are 4 more reasons to outsource your accounting services to a CPA.
Free up Time to Work on Your Core Business
I’ll admit, I’m taking some liberties by making the claim that, if you wanted to do accounting day in and day out, you would have become an accountant. But you didn’t. So why not focus on doing what you do best and let a CPA take care of the rest? If you’re a private equity company, you should be focusing on sourcing new deals, making new investments and managing your portfolio. If you’re a private company, you should be focusing on generating leads, taking care of clients and improving your product or service.
Stay in Compliance
Who really has time to keep up with all of the changing financial rules and regulations? A CPA has time...or rather, they make time. A CPA will stay up to speed with industry standards and ever changing accounting and tax rules. You can rest easy knowing that your CPA is preventing you from breaking any rules and saving you from expensive penalties and fines down the road.
I know what you’re probably thinking; How does someone with fancy initials following their name claim to save our business money? Well for starters, by outsourcing your accounting services, you save yourself from having to hire and pay a full time accounting staff. Also, outsourcing to a smaller CPA firm like Assure saves you from paying the extra fees the giant accounting firms have to charge in order to make up for for the overhead they face.
Besides saving you money on the back end, your CPA can help you with budgeting, a critical piece of any business’s financial success. A good CPA-prepared budget can help help you make accurate estimates and figure out break-even points.
Get an Outside Opinion
An outsourced CPA can provide you with a fresh perspective on your financial well-being. A third-party set of eyes can see things that people within the organization might turn a blind eye to. For example, if you’re facing a decision about whether or not to replace a piece of machinery, your CPA can help you analyze your return on investment to make sure the best decision is made. Whereas someone on the inside might make a hasty decision to buy now!
As a business owner, you have a competitive advantage in something. Whatever it is you’re in the business of, that’s where your advantage lies. That means it’s a waste of resources for you to spend time on work that you could pay someone else to do better. Focus on your competitive advantage and outsource your CPA services. Trust us, you won’t regret it!