Hard to believe that we are already in the 4th quarter of the year! Have you started projections for next year? Have you evaluated the highs and lows of this year? Are you actively looking for ways to decrease costs and increase revenue in 2015? If so, it is time to hire an experienced accountant to help you navigate through the planning and implementation. Some individuals believe that accountants are only needed for tax purposes. This could not be further from the truth. The reality is, an accountant can help both individuals and businesses reach their financial goals through accurate accounting of income and expenses.
The relationship you build with an accountant for your business is one of a trusted advisor. Often times your accountant will have a higher understanding of your business financial health than you as the owner or your in-house accounting team. They can make unbiased recommendations on cuts you need to make, how to budget for future expenditures and more. While your in-house accounting and bookkeeping staff may understand your business, an accountant has a more global approach to the financial health of your business. Their expertise comes from understanding tax code, sales tax collection and payments, payroll taxes and the general economic climate.
Outsourcing accounting functions often saves money too. No longer do you need expensive in-house accounting professionals, bookkeepers and an external payroll company. By choosing a full-service accounting firm, all of your accounting needs can be handled under one roof. If you are looking for ways to cut costs, outsourcing accounting functions may be a good place to start. As you are evaluating your costs and expected expenses next year, take a look at the financial outlay for salary, equipment, benefits, training and real estate for your current accounting professionals. Chances are, outsourcing will save you money that you can then invest into the growth of your business.
One of the benefits to outsourcing all of your accounting functions is that when it is time for taxes, your accountant already has all of the information they need. No more rushing to pull together reports, receipts and statements; your accountant can pull the information they need and start preparing your corporate (and personal if you desire) taxes without impacting your time, or effort. Most individuals and businesses procrastinate with tax preparation because of the amount of pre-tax work they have to do. Just the thought of gathering together all of the necessary information is enough to make anyone scream.
Start to view an accountant as an essential part of your business long-term strategy. Through their knowledge and expertise, they can help you to streamline your accounting processes, file your corporate taxes, file your payroll taxes and even process your payroll. This enables you to spend more time building your business and more money to invest in the future growth of your company. As we near the end of the year, there has never been a better time to have your current situation evaluated by an accountant so that you can start 2015 with fresh processes and peace of mind.
