When you first started your business, it was probably pretty easy to manage your own accounts. But, as your business has grown, its accounting needs have become much more complex and more difficult to handle on your own. When you outsource your accounting with an accounting firm, you trust the experts to make sure all your accounting needs are correctly met. This can save you a lot of time, money, and headaches, as well as a number of other benefits that can come from outsourcing your accounting. Here’s why you should view hiring an accounting firm as a healthy investment instead of just another expense.
1. Outsourced Accounting Saves You Time
As the owner or CEO of your company, you already have a lot on your plate. You have to deal with all the daily operations of running your business and keep track of who’s doing what. You don’t have time to also manage all the accounts and tax preparation. Because these are such important tasks for your business, they need proper care and attention to detail that you can’t give them on your own. Instead of taking time away from business operations to go over your accounts, trust a professional accounting firm to take care of your accounting and tax needs. That way, you can devote your time to what you do best: running your business.
2. Hiring an Accounting Firm Can Save You Money
Though it may seem like outsourced accounting would be just another expense that you’d rather avoid, it will actually save you a lot more than it costs. When you hire an accounting firm to handle your business’s taxes, you’ll experience tax savings as well as avoid the possibility of costly tax errors. An accounting firm can also help you save money by keeping track of all payments, which will help your company catch and prevent any failed transactions or fraud. Any discrepancies will be caught by a professional accountant before they can negatively impact your business’s finances.
3. Accountants Are the Tax Experts
Certified public accountants, or CPAs, must undergo years of education and pass an exam to receive their certification, and they are then required to stay up to date on new information by completing continuing education courses every few years in order to keep their licenses active. That means the accountants at an accounting firm know all the ins and outs of everything related to tax. Hiring an accounting firm gives you access to all this expertise at your company’s disposal. Taxes are complex and attempting to navigate them on your own can lead to mistakes that could cost you a lot of money or even your business. It’s best to entrust these complex tasks to a professional accountant so you can be confident they will be done properly and completely.
4. Outsourced Accounting Ensures Compliance
Tax laws and requirements are constantly changing, and it can be difficult to keep up with all these changes yourself. A certified public accounting firm will take the initiative to stay up to date on all things accounting and tax and will inform you of how your business may be affected. When you hire an accounting firm, you can receive preparation assistance and filing to ensure compliance in your financial statements, taxes, W-2 and W-3, payroll, and other regulated tasks. You won’t need to worry anymore about whether your business is meeting the necessary compliance standards.
5. An Accounting Firm Can Offer Financial & Tax Advice
A good accounting firm can offer you sound financial advice to help you grow your business. An experienced accountant has extensive accounting knowledge and can provide powerful insights that could benefit your business. Some examples of financial advice you could receive are ways to minimize expenses, finding trends in your finances that earn higher profits, determining how much money to invest, analyzing returns on investment, and more. An accounting firm will also be able to offer you tax planning advice and help you come up with tax saving strategies to minimize your current and future tax liabilities.
6. An Accounting Firm Can Provide IRS Representation
If your business experiences a serious tax complication, you may have to deal with the IRS or other tax agencies. When you try to handle these issues on your own, you likely won’t get your desired results. It takes specialized knowledge and experience to effectively negotiate with tax agencies. An accounting firm regularly deals with these agencies and can guide you and work on your behalf to reach a favorable outcome for your business.
Take Advantage of These Benefits by Hiring an Experienced CPA Firm
These are only a few of the many benefits you will experience when you outsource your accounting with a CPA firm. Here at RiverRidge CPAs, our team of accountants are committed to providing you with the best tax and accounting services so your business can grow and succeed. You need an expert to handle your accounting so you can focus on running your business well. We will work with you to come up with the right solutions based on your specific needs. If you are ready to get an experienced accountant’s help with tax preparation, bookkeeping, compliance, assurance, and more, reach out to RiverRidge CPAs today. Give us a call at our Nashville office at 615-549-6536 or our Knoxville office at 865-660-6202, or you can reach out to us online.