Many of us started small businesses during the pandemic, with so much time to work from home, but with the entrepreneurial spirit comes questions, bottlenecks and plateaus. Business owners will often reach a point in the business's growth where they reach an impasse preventing them from taking things to the next step. Well it turns out accounting services are a great solution for those looking to save money, delegate responsibilities, be more organized and take advantage of the experience of financial experts.
If you are a business owner that wants to save time by delegating responsibilities to allow a stronger focus on providing great services/products, one of those super time consuming tasks is bookkeeping and accounting. To have someone dedicated to budgets, taxes and finances in general keeping a close eye on everything, that frees up the time of the business owners who wasted so much time doing it themselves. In the beginning it is generally not an issue, but with business growth, it becomes so much more important to stay on top of everything and yet there is even less time to do it all. Even a part time accountant can often do a better job than a business owner because they have more experience in this area of business and are not distracted by other company issues that demand attention equally. Less time spent worrying about and struggling with financial statements, payroll and taxes mean more time spent on problems that demand the focus of a business owner.
Not many business owners have the patience or time to pour over their books and find small areas where they are losing money. In some cases, these losses can really add up into something majorly crippling. Having an expert look into the money coming in and going out can ensure that major money losses are avoided and profits are maximized. Payroll is something accountants and bookkeepers can take care of as well and help to reduce inefficiencies in this area of a business as well. Quick, easy and prompt payouts can mean money saved in the long run and less headache for staff members and managers.
When focused on providing excellent services or a fantastic product, the staff of a company can have less time to stay organized and keep everything in order. This is especially important when it comes to finances. If the business is too small to have a dedicated bookkeeper on staff, an outside company offering accounting services is the way to go. It will not be as effective as someone on payroll who has the sole responsibility of keeping things in order, but it will take a huge load off an overtaxed staff.
As it turns out, most accountants work for many small businesses and can offer advice not found anywhere else. This type of expertise won't be completely changing how the business operates, but can lend key insights to running everything more efficiently. They will help reduce bottlenecks, look for ways to increase profits and generally encourage the business to grow. After all, if the business grows due to their advice, there's a higher likelihood more of their other services will be requested, creating a symbiotic relationship. In short, the more money they can help a business make, the more money an accountant will ultimately make. If your business has reached a level where growth has slowed considerably, it may be time to ask your accountant or bookkeeper if they offer consulting services for small businesses.
TAX SEASON BECOMES A BREEZE
As it turns out, most accountants also have CPAs on staff, or simply offer that service in addition to bookkeeping, allowing for a seamless tax season because everything is already prepared and ready to be filed. This will generally result in a smooth tax return and more importantly, some money back! If your accountant knows they are preparing your taxes, there's a very high chance they won't simply wait for tax season and instead have everything lined up and ready weeks in advance, granting peace-of-mind and assurance that nothing will be filed late or incorrectly.
Geyer and Associates offers bookkeeping, payroll, accounting, business consulting and tax services to businesses in Fort Collins and Northern Colorado. The decades of experience in all of these fields ensures any potential client of ours will see us as an investment which will yield both time and money over time. If you already use a CPA regularly, inquire to see if accounting services are offered. If this is the case, as with Geyer and Associates, any business owner stands to gain quite a lot by delegating these responsibilities to the experts.