3 Signs You Need Outsourced Accounting

Running a Successful Small Business: 3 Signs You Need Outsourced Accounting

by Chris O’Neal, CPA, MBA

There is a lot to be said about running your own business. Getting the chance to exercise your entrepreneurial muscles can give you valuable experience. Striking out on your own will allow you to benefit from what you know and what you do. Running a small business can even give you a host of tax deductions and benefits those in the traditional workplace can only dream about.

?If you are running your own business, you already know about the many benefits, as well as the constant challenges. What you may not know is that a little bit of strategic outsourcing can have a profound impact on how you operate and on how successful you ultimately are.

One of the obvious places to do that outsourcing is with the accounting. After all, accounting is a specialty, one you likely to not have any direct expertise with. Here are some warning signs your business could benefit from outsourcing your accounting services.

?Your Tax Bill is Going Up

Paying taxes is an unfortunate result of running a small business, and ponying up money to the IRS is certainly preferable than operating in the red. If you are running your own business and things are going well, you are probably making regular payments to the state and federal government, and it is important to track those numbers carefully.

?If your tax bills are going up faster than your business profits, you could probably benefit from a little more accounting savvy. We call that tax planning, and it can be accomplished with a Tax Strategy Session with the Nealson Group.

A good small business accountant, like the Nealson Group, will be able to help you find additional tax savings, including deductions that are not generally available to ordinary workers.

?The Numbers Are Taking Over Your Life - and Your Business

You have a lot of things to do when running a small business. From paying the bills and keeping the lights on to finding and hiring the best workers to exceeding the expectations of your clients, you have plenty on your plate.

?If the numbers associated with your small business are taking over your life and interfering with your business, and you still don’t fell like you have financial clarity.?Then it is definitely time for some smart and strategic outsourcing with the Nealson Group. Handing off the accounting to a competent third party can free you up for more important things, and that endless list of tasks.

?You Are Worried About an Audit

While the overall audit rate is very low, the same is not true for small business owners. Whether it is fair or not, simply owning and running a small business substantially increases your risk of an audit.

If you are worried about being audited, having your taxes done by a professional is a must. The Nealson Group knows what triggers an IRS audit, and more importantly they can help you steer clear of that kind of tax trouble.

?It is not easy to run a small business. With so many things to do and only so many hours in the day, it is important to think about what you do well, and what others can do better. Outsourcing the accounting services for your small business can have a host of important benefits, starting with the three vital ones listed above.

?Outsourced Accounting and Business Consulting call us today!