Are you a small business owner in Fort Collins or Northern Colorado? How many hours a month do you spend on payroll, taxes and other accounting responsibilities? Do you view this as a series of tasks that get in the way of other more important business matters like project management, client relations or marketing? The solution may be closer than you imagined, but it will require a budget and allocation of these responsibilities to a third-party. Large companies avoid this as they will often employ and in-house billing/finances department which acts as an accountant. However, in the case of a business with less than 15 employees, they is often not possible, therefore hiring a separate Accountant for these duties will become more and more necessary as the business reaches a bottleneck in growth. If you are currently feeling a plateau for company progress, this should be the first box you check off. It's not much different than hiring a CPA for taxes. Not only will using an Accountant solve a lot of the time, resources and stress factor of bottlenecks, it will also reveal new ways to make the company more financially efficient; streamlining the expenses and maximizing profit.
There's only so much time in the day and some business owners already work 10-12 hours some days. Some of those hours are spent toiling over bookkeeping, payroll and taxes. Pulling their hair out over something which distracts from their real goals of growing the business through great customer experiences and providing awesome products/services. If that could be handed off to an accountant, a large amount of time is saved dealing with the more mundane financial side of the business allowing for either more time off or allocating those unspent hours on the actual business. Accountant will also be more knowledgeable about financial nuance allowing them to be much more efficient. There are so many reasons this will save you more than just time, but also money. For this example however, the main point is when the business owner isn't struggling with financial issues or bookkeeping, they can put those hours to better use - mainly making more money. When your services are at a premium and are a precious commodity, don't waste them. Photographers? Chiropractors? Graphic Designers? These are a few small business examples that could be losing out on thousands each year by wasting their time instead of allocating away some of the accounting responsibilities to a third-party accountant who is much more apt at it anyway.
If you currently manage all of your own accounting, how organized would you say it is? We aren't accusing anyone of having sloppy bookkeeping, but rather, if it could stand to be improved wouldn't you want the opportunity to find out? An Accountant will make your books look immaculate and easy to follow - ideal for tax season. Keep in mind, we aren't talking about Breaking Bad level bookkeeping, we're more implying that not every business owner is a Quickbooks guru and could stand to have someone who uses Quickbooks on a daily basis look over everything and ensure it is streamlined. Seamless finances means that the IRS is never knocking on your door and could also mean more money being saved in the long-term. It surprises a lot of epople when the professional accountant saves a comparable amount of money for the business that is being spent on them, thus making their services essentially free.
When you pass the responsibility of finances to others, especially those who are experts in accounting, there a much higher chance that payroll, taxes and the business's financial information is handled with more experience and therefore less errors. That is not to say business owners handling everything themselves are very prone to making mistakes, it just means that their full job is not devoted to accounting and finances. Less focus on accounting means there will likely be less time, resources or energy spent checking, double checking and making small corrections. Just do your research first to ensure the bookkeeper or accountant you choose is reliable and trustworthy with plenty of experience.
GROWTH & EXPANSION
The key distinction between a small business and a larger competitor is in the small delegations such as finding a professional accountant or CPA or bookkeeper. Once those positions are in place and the owners can focus more on the business, it will naturally grow. Additionally, most accountants will have business experience after reviewing the finances of so many diverse businesses. Their services may include business consulting, which are always the added value business owners did not expect. Pieces of advice that allow for more efficiency, greater profit and the opportunity to expand the business in ways the owners had not foreseen. Heed this advice because it may prove crucial to the growth of the business.
WHY FORT COLLINS?
The Front Range is projected to be one of the biggest urban development sectors in the United States by 2050. Colorado now takes 6th place for the fastest growing state. This growth means that businesses need to be preparing for more customers. More homeowners means more money flooding into Colorado and especially Fort Collins, Larimer County and the surrounding areas. As we have been repeating throughout this article, accountants will soon be at a premium as more businesses realize they need to get their finances in order if they are to expand their operations. Don't wait for 2050 or 2030 or 2025, start preparing for more customers now, and avoid a bottleneck in the coming years. It is a long-term investment that will pay off huge if these current population growth projections for Fort Collins and the North Front Range of Colorado are true. Geyer & Associates has been noticing this trend as well and we are preparing for new businesses looking for trusted accountants. We have been serving our community and Fort Collins for close to 50 years! That experience means that we are some of the most capable and reliable accountants and CPAs in Northern Colorado. Give us a call today and we can help plan out accounting services tailored to your needs and budget.