Whether you need help filing compliance returns or getting your financial statements in check, hiring a small accounting firm goes a long way for growing your small business. Smaller firms offer a more personalised service for their clients at more affordable rates, which is why they work so well with startups and private companies.
As a small business accounting firm, we understand your needs at SureBooks. In this quick read, we’ll be covering all there is to know about small firms and the many ways they can help to support your business growth.
Understanding What Small Accounting Firms Are
Before we explore the value of small accounting services and how they support small businesses, it’s important to understand what they are. A small firm is a regional or local firm with few employees. Small firm accounting agencies, like SureBooks, are led by a team of accredited, experienced accounting professionals that offer payroll services, tax compliance, accounting services and all-round guidance for running small businesses. These services may differ from firm to firm, so be sure to find a small accounting firm that aligns with the needs of your business. From family businesses to private companies, small firms assist a range of different small businesses in managing and running their finances.
An accounting firm can be classified into two distinct groups: a speciality firm and a full-service firm. Speciality firms offer specialised services, such as audits and bookkeeping, while full-service firms provide all types of bookkeeping and accounting services. The financial services your business is seeking will determine whether you should opt for specialised or full-service accounting.
7 Ways To Grow Your Business With An Accounting Firm
No matter what type of small business you run, an accountant can add enormous value to your business. If you’re looking to grow your business and develop it into a thriving entity, hiring a small accounting firm can do wonders for launching your company into success. To truly understand the value of small business accounting, here are 7 ways that small firms can grow your business:
Planning For Your Business’s Future
If you want to solidify the trajectory of your business, accurate forecasting and budgeting are crucial. As a business owner, it can be difficult to spend time creating financial projections when you’re busy running your own company, especially if you’re not a trained accountant. With an accountant, you can accurately forecast the finances of your business while planning for the future. A small business accountant creates financial forecasts by looking at past financial trends and economic conditions, which will better prepare you for future financial scenarios. Not only will a small business accountant accurately produce projected financial statements but will also work with you to interpret them.
Staying Up To Date With Laws & Regulations
Accounting standards and tax laws are constantly changing, which can be tricky to stay up to date with when you’re managing the many roles of being a small business owner. Failing to comply with tax laws can be detrimental to a company, especially for small businesses that have limited funds. Thankfully, you can ensure that your tax filing deadlines are met by outsourcing from a small accounting firm. As labour and tax laws are regularly changing, a small business accountant can assist you by developing accounting systems that make it easier to keep compliant.
Additionally, small business accountants can also save you money in the long run by minimising your tax bill. Many business owners do not know how to identify incentives, tax exemptions and tax deductions, which is why small business accounting is so essential for startups.
Tech-Savvy Accounting & Fraud Prevention
The world of accounting has come a long way thanks to the advancement of technology. Today, accredited accountants are well-versed in the latest accounting software and cutting-edge technology. Moving your business’s finances into the digital realm can be scary, especially if you don’t know how to protect your information online. Any fraudulent activity is a risk for all businesses, including cyber-fraud. If you don’t have proper data security, your financial and confidential documents could be stolen.
Accounting systems are able to analyse volumes of data faster than ever before, allowing you to detect fraudulent activity at a moment’s notice. With a small business accountant, you can safely and securely move your business’s finances to the cloud and adopt automated solutions that optimise your accounting practices.
A Valuable Business Asset
While an accounting firm can help you comply with tax laws and manage your finances, these tasks are not their only priority. A small business accountant’s role is to work with you to grow your business by developing strategies that will spearhead your success. Accountants are highly business-savvy, meaning that they have the skills and expertise to grow your business exponentially.
By improving your cash flow, providing accurate financial forecasts and improving the profitability of your company, small businesses accountants can increase your shareholder value and visibility of your small business.
Expert Financial Reporting
A key aspect of growing your business is ensuring that your financial goals are being met and that you’re staying within budget. As a business owner, you may not have time to regularly monitor your financial records month to month, which is why it’s advised that you outsource an accountant from a small accounting firm. Based on your financial records, a small business accountant can deliver business insights and help you understand the financial performance of your business.
Managing your finances is crucial to growing your business, which is why small business accounting is so valuable. Not only does an accountant keep your records up to date and manage them efficiently, but they can also help you allocate your budget accordingly.
Increasing Your Business’s Profitability
If you’re trying to find new ways to make your business more profitable, outsourcing from a small accounting firm is the way to go. Accountants help save you money by reducing debt, controlling costs, negotiating with suppliers, improving your cash flow and several other financial strategies. Overall, a small business accountant facilitates better decision making by delivering insights that save you money and support your business.
Structuring Advice For Your Business
If there’s anyone that can advise you on the best structure for growing your business, it’s a small business accountant. While your company may have started with a specific legal structure, it may be best for you to change your business structure for better growth. Small business accountants are well-versed in business structures, meaning they know the pros and cons of each structure and can inform you on the best way forward. With the help of a small accounting firm, you can gain expert advice on how to structure your business, whether that means setting up as a partnership, private company or sole proprietorship.
Different Types Of Accounting Services
A small business accountant offers a wide array of services that can do wonders for growing your business. As a startup owner, you need to ensure that you get the support you need to expand your company and increase its value. If you’re interested in outsourcing your accounting needs, here’s a quick breakdown of the services an accounting firm typically provides:
Payroll Services:
No matter how big your staff is, it’s critical that the payroll of your employees is managed efficiently. Instead of adding more responsibilities to your checklist, a small accounting firm can manage your payroll for you by calculating wages, ensuring legal compliance, withholding taxes and paying employees on time. This way, you can trust that your workers are getting paid while you run your business.
Tax Accounting:
From handling tax audits to filing tax returns, tax accounting can be a nightmare for small business owners, especially if you don’t have accounting experience. Thankfully, a small business accountant can handle all tax-related tasks to do with your business so that you’re legally compliant and prepared to submit any and all documentation.
Bookkeeping:
While many small business owners have opted to manage their own bookkeeping to save on funds, not hiring an accountant can actually cost you more time and money in the long run. Organising and recording financial transactions is no simple feat, which is why it’s best to hire a small business accountant that offers bookkeeping services.
Management Accounting:
With a small business accountant, you can make better decisions for growing your business by evaluating business performance and analysing your financial data. An outsourced accountant knows how to budget, and forecast based on the financial health of your company, which will greatly inform how you grow your business.
When Should You Hire A Small Business Accountant?
While there is no right time to outsource your financial needs to an accounting firm, the sooner the better. Hiring a small business accountant is an investment that pays off and is highly beneficial to the growth of your business. Tempting as it may be to manage your own finances, not seeking professional assistance from an accountant can greatly hinder your business and may cost you in the long run.
If you invest in the services of a small accounting firm from the get-go, you can learn how to structure your business effectively and develop solid financial practices early on. As your business grows, the financial management of your company may become more complex, which is why a small business accountant is so beneficial. A small business accountant will know how to handle the changes within your business and adapt how they manage your finances accordingly.
An accountant’s expertise is extremely important for handling any financial situation effectively, which is why it’s better to invest in their services as soon as you’re able to.
Exceptional Accounting: Grow Your Small Business With SureBooks
When it comes to offering expert advice and helping your small business reach its full potential, SureBooks has got you covered. Our dedicated team of accountants has started businesses and run them successfully from the ground up. With over 20 years of experience, we know what it takes to ensure that you grow your business and take it to the next level.
If you’d like to know more about our small accounting firm and the range of services we offer, visit our website or reach out to us via our contact form for a complimentary consultation.
