Whether you’re a new small business or you’ve been keeping your own books for years, hiring an accounting firm can save you time and dollars. Here’s why:
- You’re Not an Accountant.
This is the most obvious and perhaps the most important. Managing your business’ finances is a huge responsibility, and small mistakes could cost you. Even if you’re good at balancing your books and keeping track of things, there’s huge value in having experts on your side. Accountants can be professional auditors, tax consultants, long-term planners, and payroll administrators. If someone’s not keeping laser focused on your finances, they can easily get out of order quickly.
When your focus is on the bigger picture instead of the day-to-day financial administrative tasks, your business gets better. There are probably areas of your business right now that can benefit from your attention. Also, with your finances in order with the help of professionals, you can better determine exactly how much and where to invest next.
- Stay Organized.
Accountants have a knowledge of bookkeeping software. You probably don’t have time to keep in the know with the newest updates to the latest accounting softwares. Your accounting firm, however, is an expert at this. No more rooting through drawers of file folders and spending precious time trying to find documents. Especially around tax time or if you’re audited, staying organized and having good accounting software is key.
- Have Peace of Mind.
This might be the most valuable item on this list! As a business owner, even the mention of “audit” or “tax time” might spook you a bit. The extra dollars it takes to hire an accountant firm to do everything properly and in order is worth avoiding those feelings of gloom and terror when challenges inevitably come.
- Spend Time Wisely.
This was mentioned briefly in point 2, but imagine if you used the time spent keeping your books in order or sending invoices instead for generating new ideas, making products better, or motivating your employees. Heck, even take that time to be with your family. Time is precious.
- Access the Experts.
This is an extension of point 1. Chances are that a professional accountant knows the tax laws better than you and has more experience with financial planning and dealing with auditors. It’s very valuable having experts on your team who are ready to answer your questions.
- Tax Season.
Tax laws change all the time. There may be an opportunity to get a higher refund that you’re missing. Or maybe you’re making a small choice now in your filings that could cost you dollars down the road. Especially with a new or small business, it can’t be overstated how important it is to keep things in order and file correctly.
- Improve Financial Health.
This might be a culmination of all the points. Having experts focus on your finances helps trim unnecessary expenses, could get you a bigger tax refund, frees up valuable time, and allows you to make better investments. All these things and more make your business more profitable and financially healthy.
At Schmidt & Schmidt, we have years of experience handling the custom accounting needs of our clients. Contact us today to learn how we can help streamline your tax season.