As a new business owner, growing your business and saving money are likely two of your top priorities.
Unfortunately, these two goals often conflict with each other. That’s why business owners try to wear all the hats their company needs. They become not only the founder of their business, but also the marketing team, the web designer, the salesperson and the accountant.
Assuming all of these roles can save you money in the short-term, but when your focus is not primarily on your business’s growth, everything will start to flat line.
When tasked with your business’s finances, there are new functions, procedures and policies to learn all while trying to boost your business’s success. Before you take on the workload of your business’s accounting and finance department, consider how these factors can impact your bottom line.
Loss of Time
Everyone cannot be an expert at everything. Accounting and bookkeeping takes time even when a highly-qualified professional is doing the work.
That being said, you need to consider if it’s the best use of your time. If you choose to outsource your accounting department, you will have more free time to grow your business.
Lost Opportunities
Since most business owners aren’t professional accountants, there may be tax laws and codes that you don’t know about. These laws and codes have the potential to benefit or hurt your business but not knowing what’s out there will damage your business’s chance at success.
Liability
When you handle your business’s books yourself, you increase the chance of. Handling the books requires a dedicated resource and this is extremely important when it comes to filing taxes. When you work with an outsourced accounting company, their accountants decrease the likelihood of mistakes from occurring, thereby reducing liability. Tax collection organizations do not accept ignorance as an excuse, so using a trusted accountant can save you cost in interest and financial penalties.
Missed Deductions
When it comes to tax season, business owners have a number of tax deductions that they can benefit from. But if you are unfamiliar with these deductions, you are missing opportunities to save money. Working with an outsourced accounting company will help your business take advantage of tax credits and deductions to boost your profits.
An alternative to doing your business’s books is to outsource these services to a professional. Companies like NuVest Management Services aim to implement the same competitive services to small and medium-sized businesses that are enjoyed by large organizations today.
With onshore, offshore and blended offerings, you will be able to grow your business without breaking the bank.
Maybe that balance wasn’t as hard to obtain after all.
