The following blog post is brought to you courtesy of our friends over at Fusion CPA. Fusion CPA provides accounting services to business of all sizes. To learn more about what they can offer your business check out their website today.
Not sure if you need outsourced accounting services? As we cross certain peaks and valleys while running a business, our needs change. You may be at a point where in-house accounting isn’t serving your needs. This is common during growth seasons because you may not have time to devote to running spreadsheets as your business pulls you in new directions. Let’s cover the five signs that you need to outsource accounting services.
1. Accounting Is Consuming a Disproportionate Amount of Your Time
A good accounting system should boost your business practices instead of siphoning time and resources. As a business owner, the “nitty-gritty” of accounting should really only be taking up your time on a “review” basis. That means that your interactions with the numbers should come in the form of you utilizing prepared figures and stats to make business decisions. You may need to seek outside accounting support if you’re spending more time wrestling with numbers than you are learning from them.
2. Your Staff Is Overwhelmed
Even businesses with great accounting staff still need outside support. Your staff may simply not have time to dig into big, specialized projects. In addition, they may simply not have the strategy skills that a consultancy delivers. Outsourcing CPA and accounting tasks is a great option if expanding payroll to bring in more of your own accountants isn’t on the cards right now.
3. You’re Facing a Big Project or Merger
Trying to handle all of the loose ends of expanding or closing on a merger on your own can be costly. A better option is to bring in an outsourced CPA firm to provide supplemental advisory services and accounting support. This is a low-cost, low-commitment step to give you the edge that big companies have – for however long you need.
4. You’re Realizing Your Tax Strategy Is Lacking
If you’ve never had your tax strategy audited, there’s a good chance you’re not optimizing what’s available. You absolutely need outside accounting help at tax time to ensure that you’re complying with the IRS while optimizing tax breaks. Big changes to tax laws in 2018 mean that a strategy you’ve been using for years most likely isn’t serving you any longer. To put it another way, there’s a big chance some great deductions are withering on the vine.
5. Your Accounting Software Is Confusing
Finally, every business owner knows that time is money. Your accounting software is costing you both if you’re not using a dynamic platform with automation and synchronization. It’s impossible to try to upgrade to new software on your own unless you have backgrounds in both tech and accounting. When you outsource accounting services, you’re consulted on the best accounting software for handling everything from accounts payable to payroll. What’s more, the information will be relevant to your business and industry.
How Much Does it Cost to Outsource Accounting?
Your cost is scalable because outsourcing means you’re in control of how many hours of billable work you need. When you work with Fusion CPA, our services are always scalable and thorough. We offer accounting, booking, CPA, tax planning, and CFO consultancy services for businesses of all sizes. Book a consultation today if you have questions about how much it costs to outsource accounting for your specific needs.
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
Fusion CPA provides outsourced accounting services including bookkeeping, tax planning & prep, and CFO advisory to small, mid-sized, and enterprise-level businesses. The firm was established in 2011 by Trevor McCandless. As the CEO (Chief Entrepreneurial Officer), Trevor ensures that Fusion CPA is an organization where high value is placed in the entrepreneurial spirits of Fusion CPA’s clients and staff. He believes that hard-working, persistent entrepreneurs, armed with a solid business foundation & strategy, can advance their business beyond their goals. Over the years, Trevor noticed that many small to mid-sized firms lack efficient financial systems to support their scaling goals. This results from entrepreneurs not having accurate financial metrics and guidance when it’s time to make high-level business decisions, which often leads to loss of money and opportunities.
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