Planning for your business takes a lot of time and effort. Indeed, it’s a great day when you can plan for the months ahead while also staying on top of the many details of your day-to-day operations. Every day requires that you listen to your customers, ask the right questions, make risk assessments, and put out fires any fires that may spark. The pressure can seem enormous at times, but you come back and do it again each day without fail. And yet, despite your incredible competence, there’s a chance that you still have that old adage that even “the best-laid plans of mice and men often go awry” in the back of your mind. The fact is, businesses are run and staffed by humans. Even if you have a loyal group of skilled employees who work hard and a stream of satisfied customers, problems are still possible, and a wise business owner knows this and prepares for whatever may come up.
So, what do you do when running your company isn’t just business as usual? Do you have contingency plans for issues that arise during your busiest times, or for when employees call in sick, or for when you encounter paperwork headaches? Chances are you do, and this same attitude should apply to your business’s finances as well. Accounting and tax preparation can be complicated and time-consuming, and you may find yourself muddling through it long after you’ve sent your employees home for the day. This can lead to fatigue-induced mistakes, and when it comes to money, this isn’t a chance you should take. In fact, it’s the primary reason why you should consider outsourcing your accounting and tax preparation services.
Why outsource your accounting and tax preparation services? To keep up with business growth
Delegation is essential to good management. Anyone who has ever led a team of any kind can attest to this—it’s impossible to shoulder all the work by yourself, especially when a business is seeing steady growth. You not only risk your own health and well-being, but you undermine the competency and talents of the employees you have carefully selected and trained.
However, the fact still remains that a great sales period means extra work must get completed. As your business grows, can you and your staff confidently stay on top of the additional back-office work? If you are also your business’s bookkeeper, this extra work is going to fall squarely on your shoulders. If you have a bookkeeper who is hourly, that means overtime—an added payroll expense. If he or she is salaried, then too many late nights on the job could lead to an unhappy employee or work that possibly isn’t up to standard. Business growth presents sought-after opportunity, but it can also introduce unforeseen risk and expenses that need to be managed.
Rather than you or your accountant burning the candle at both ends, particularly during tax season, consider partnering with an accounting and tax services firm that can support your back-office without going the long route of job posting, interviewing, hiring, and training new employees on accounting and general ledger functions. Outsourcing these critical responsibilities can save you time now and even help you control expenses long-term. A professional firm which is experienced in providing accounting and bookkeeping services can give you the scalability you need without you having to hire a controller or overtaxing your employees. Moreover, a skilled professional partner can provide crucial assistance with a whole host of services, including:
- Outsourced bookkeeping, AR/AP
- Tax return preparation and filing
- Outsourced CFO/Controller/Treasurer roles
- Arranging lines of credit and other debt financing
- Addressing payroll and tax issues
- Advising on budgeting, strategic planning, best practices, internal controls, risk and insurance, and debt collection
- Management accounting reporting for boards and directors
- Audit preparation
- Recruitment and training of accounting staff
- Cash management
- Compensation consulting
- Profit analysis
- Outsourced HR solutions, including use of the Gusto platform for benefits and payroll management
With a trusted firm, you can gain access to an entire team of experienced professionals for what you might otherwise pay for one employee. An expert team will collaborate on your behalf to ensure that your business’s books are in great shape and lift that weight from your shoulders. Outsourcing also has additional benefits for nonprofits, who tend to have more limited financial resources and a mission to meet, so hiring an outsourced accounting firm is a great way to provide board reports and annual financials without the overhead costs.
Choosing the Best Managed Accounting and Tax Preparation Services
If you had a few free hours in your day, would you choose to be in your back-office surrounded by your accounting books and payroll spreadsheets, working late into the night? Or would you prefer to work on marketing plans to add to your customer base, network with potential clients, and collaborate with your employees on innovative new ideas for business practices?
SD Mayer CPAs have decades of experience with corporate accounting and tax services for a variety of large and small companies. Our primary goal is to thoroughly understand your business and address your immediate accounting needs. Through the years, we have seen numerous success stories of clients who have been able to relieve themselves of their books and get back to the aspects of their work that they love the most.
Another reason we have had a history of success at outsourced accounting services is because we offer scalability. As a client, you may begin with our bookkeeping services, but as your needs change we can grow with them. We will prepare and file your taxes, and we also have the capacity to fill high-level roles such as CFO, Controller, and Treasurer on an interim or permanent basis to fulfill whatever you need to improve your accounting department and grow with your business.
SD Mayer’s outsourced accounting department can handle all aspects of your individual or commercial accounting. Our certified accounts are supported by our wider wealth management teams, ensuring that your financial plan is working as hard as you are.