In most cases, small business and startups start with an internal team that manages the business' finances and accounting and do not seek out the assistance of a tax accountant or tax agent.
In the early years, because most businesses are focused on simply getting up and running, business owners and their employees take on various roles, including the company’s finances.
After all, it is your business, right? And as an entrepreneur, shouldn’t you have a hand in all aspects of your business to monitor its success?
Not the case. Outsourcing bookkeeping and accounting services to local tax accountants like the professionals at Caro & Associates is one of the best investments you can make for the future success of your business for a number of reasons.
1. Lower employee costs
By taking advantage of accounting outsourcing services rather than hiring a full-time accounting employee, you stand to lower your employee costs substantially.
When you choose to hire outsourced bookkeeping services for your business, you don’t have to pay the typical costs that come along with hiring a new employee.
The expenses you would typically have to pay into benefit packages, training, and equipment can then be reinvested in your own business.
2. Concentrate on your business
Though it is the spirit of an entrepreneur to wear many hats in their business, unless you have acquired years of experience and training as a tax accountant, you are simply not an accountant.
Outsourcing your accounting needs frees up your time to concentrate on the aspects of your business you excel in and allows you to continue to capitalize on the skills that have made your business successful in the first place.
3. Reduce fraud
Unfortunately, employee fraud is a substantial issue for many small businesses and startups, and companies with fewer than 100 employees are often the most vulnerable to fraudulent activity.
Objective accounting keeps you and your employees honest and helps you to identify and handle fraud as soon as it starts.
4. Lower tax burden
Your personal tax accountant and small business tax accountants are keenly aware of all of the relevant tax codes and tax laws that can serve to benefit your profitability.
An outsourced accountant takes the time to understand where state and national tax laws can apply to your company and result in greater cuts and returns.
At the same time, relying on outsourced accounting services means you don’t have to rush through filing taxes on your own. Instead, your outsourced licensed accounting professional will ensure your taxes are filed correctly and on time while you concentrate on the growth of your business.
5. Gain access to specialized knowledge
While you might not think of your personal tax accountant or small business tax accountants as your go-to source for networking and referrals in your industry, you might want to reconsider.
If you think about it, your outsourced accountant works with various other companies and businesses in your industry. You can leverage the specialized knowledge your accountant has gained from working with other companies to the benefit of your business, whether that be keeping up with cutting edge technology or instigating important networking opportunities.
You may be thinking: The benefits of outsourced accounting sound great, but is there a small business tax accountant near me in Seattle?
The certified professionals at Caro & Associates are happy to discuss the cost savings, quality of information, and business protection that their accounting services can afford your company and help you gain the financial foresight you need to grow your business.
There’s no better time to talk about goals than the start of a new year. And what better topic than your career? The following are a few tips to help you set reasonable and achievable goals this year:
This is a friendly reminder that the Q1 tax estimate payment deadline is coming up fast. Be sure to make your payment by January 15th, 2020 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?
Staying current on your estimated payments is good business practice. If you...
The New Year is the best time to take stock of your finances. So, as you begin the season of self-reflection and goal-making, take the time to review your spending and start making plans for a financially healthy 2020! Here are a few tips to get you started: