Small Business Accounting Services: The Benefits Of Outsourcing Accountants


When it comes to maintaining the success of startups, small business accounting services play a major role in managing complex and routine accountancy work at low costs. While it may be tempting to do accounting work on your own as you may think this can save on costs, Surebooks believes that there is great value in outsourcing credible accounting services aimed at aiding small businesses. In this article, we’ll be breaking down how investing in small business accountants can transform your startup and the many benefits that come with outsourcing accountants.


What Are Small Business Accounting Services?


Before exploring the many advantages of small business accountants can provide for your startup, it is important to understand what these services actually entail and how it differs from regular accounting. Accounting refers to the interpretation, organization and recording of a business’s financial information. It also helps to provide a general insight into a company’s financial health, including components like budgets, transactions, projections, and taxes.


When it comes to small business accounting services, many of these roles and responsibilities remain the same apart from a few minor deviations. Small business accounting also prioritises maintaining and recording the financial health of a business, but in far greater detail. These outsourced accountants pay special attention to the company’s overall company finances, ensuring that every cent is accounted for. This is because small businesses need to make sure that their money is not only continuing to grow, but also that they are able to stay afloat financially.


The Roles Of A Small Business Accountant:


Small business accountants fulfill a range of roles and responsibilities by using their knowledge and skills to help business owners navigate their own financial records. Most of these accountants are also Certified Public Accountants (CPAs) and can work on an annual, monthly, or quarterly basis depending on the demands and size of the business. Many successful startups have been known to outsource independent accountants or accounting firms that offer services they need as opposed to keeping accountants on staff. Those working in accounting for small businesses handle various tasks, such as:


  • Assistance With Maintaining A Steady Cash Flow.
  • Financial Advice & Analysis, Including Potential Areas For Growth.
  • Preparing, Filing and Providing Amendments For Tax Return.
  • Financial Forecasting.
  • Fixed Asset And Payroll Accounting.
  • Managing And Maintaining Accounts.
  • Providing The Preparation For Financial Statements, Including Statements Of Cash, Balance Sheets And Income Statements.
  • Finding Suitable Tax Deductions.




The Five Benefits Of Small Business Accountants


Whether it be the extra advice or funds saved through outsourcing accountants, small business accounting services provide effective services for startups. In this section we’ve outlined five key advantages to outsourcing accountants for your small business:


Saves On Time:


The work of accountants encompasses a wide range of tasks that help to keep a business’s funds afloat as well as find ways to grow their money. Because accounting work requires time and concentration, time may be lost for achieving other important tasks within the company, especially if they are doing their accounting internally. By utilising small business accountants, companies are then able to save on valuable time and as well as improve their progress, growth, and experience. Additionally, the extra time could also be used for developing new accounting strategies within the business.


Provides Business With Support And Advice:


Outsourcing accountants for your business means gaining insight into the performance analytics of your company as well as added practical ideas from the accountant. Additionally, your outsourced accountant will have the knowledge of their previous work experience as well as their own professional employee outlook.


They’ll also be able make you alert to the present and future outlook of your company from their own perspective. Outsourcing accountants for your business provide you with guidance models for problem-solving. These models include precise and dependable information that can help you estimate your business’s book statements, expenses and other important financial information.


Allows You To Track Company Operations More Easily:


Investing in small business accounting services means you’ll be outsourcing professional accountants that will work to develop and grow your business, solve problems, and offer complete reports. Because of their previous work experience, they’ll be able to dedicate their prior skills to finding the right potential ventures and determining the right choices for your business. Until you are able to grow your company and account for the cost of full-time employees, outsource an accountant that can help you quickly formulate financial reports in the meantime.


Saves On Costs:


One of the key benefits to outsourcing professional accountants is that it is a cost-effective way to maintaining the financial health of your small business. For most startups, any money saved on business expenses can greatly benefit the business’s success. Full-time accountants and employees often charge hefty salaries, which can be detrimental to startups with an already low access to funds. Additionally, the money saved on outsourcing accountants can then be used for vacation pay, payroll, insurance payments or any other expenses within the company.


Getting A Professional Accountant’s Expertise:


The best way to keep track of your financial records and manage your business’s finances is through outsourcing an accountant. With the addition of a professional accountancy, your finances will be managed both efficiently and professionally. Based on their previous experience in accounting, they’ll be able to provide guidance and solutions for sustaining and growing your company.


Having an accountant for your small business means that you’ll be able to create financial reports that will showcase the cash flows, revenues, and expenses of your company. One of the key responsibilities of an accountant is payroll management, meaning you won’t have to worry about calculating your company’s revenues and expenses, disbursements or have to manage costs.




How To Find Small Business Accounting Services


Whilst the net of professional accountants may extend far and wide, it can be tedious and time-consuming to select trusted, professionals that are best suited for your small business. We recommend asking other small businesses to suggest accountants that they trust with their finances as well as crowdsourcing for an accountant. As soon as you have a variety of accountants that you can compare, do your research into their experience as well as any online reviews about their work.


Trusted accounting firms and small business accounting services like Surebooks will most likely be open to having an introductory meeting to explore the needs of your startup.


The most important step in finding the best suited accountant for your business is establishing what the needs of your company are. As an owner, you need to assess what tasks within the business you would need an accountant to assist with, including how frequently you’ll be requiring their services. Here is a simple breakdown of how you can find right accountant for your startup based on your business’s needs:


List Your Priorities:


Before you begin your search into small business accounting services, make a list of all the priorities within your business. Start with the most important tasks that require immediate attention and work your way through the other priorities periodically.


Decide Between An Accounting Firm Or Independent Accountant:


Now that you’ve established what your business needs immediate help with, you can decide whether you’d like to outsource an accounting firm or an independent accountant for aiding your small business’s finances. Regardless of your decision, just make sure that whoever you select has an abundance of experience in working with small businesses akin to yours. You’ll need to trust and feel comfortable with whoever you outsource as they’ll be working with sensitive information regarding your company.


Set Up Exploratory Calls:


Once you’ve selected a few professional accountants that you’re interested in working with, reach out to them to set up some introductory calls or meetings. This will be especially helpful if you’re on the fence about choosing an accounting firm or an independent accountant to contract with. After your meetings, you’ll be able to discern which style of work is best suited for your business.


Asking Questions: Independent Accountants VS Accounting Firms


Because small businesses don’t need dedicated, full-time employees for accounting work, venturing into small business accounting services is a must. When it comes to outsourcing an accountant for your small business, your two main choices will be between accounting firms and independent accountants. Prior to making your final decisions, here are a few important questions to ask and consider during the selection process:


  • What Are Their Communication Methods?
  • What Are Their Work Hours And Availability?
  • Would You Be Working With The Same Accountant All The Time?
  • What Are The Upfront And Continuing Costs Of An Accountant Compared To An Accounting Firm?
  • What Is Their Experience In Working With Businesses Similar To Yours?


Streamlining Financial Management With Small Business Accountants


Professional small business accountants not only manage the financial health of your company, but they can also streamline your financial management. Today, accountants and business owners now have access to an abundance of digital resources and tools that can make businesses run more efficiently and smoother. This ability to streamline accounting tasks is made possible thanks to the constant improvements in digital resources that are constantly changing and evolving.


As technology improves, streamlining the financial management of your company will only become easier over time. We recommend working with accounting firms and small business accounting services that can stay up to date with the latest advancements in accounting technology, ensuring your access to the best accounting tools and software on the market.


When Is The Best Time To Hire An Accountant For My Small Business?


While finding the right time to contract with an accountant for your startup may look different for every owner, we recommend hiring an accountant once the analysis, reporting and tracking of your business’s financial information becomes too overwhelming or difficult to understand for you or one of your employees. Saving on costs and doing accounting work all by yourself may be attractive to owners, but this could ultimately cost your business time and even money if your finances are done incorrectly.


By outsourcing to Surebooks small business accountants today, you’ll be able to give yourself more time to home in on your craft as a business owner and keep working on the skills you excel in.


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