There’s one thing that all small businesses have in common – every one of them seeks to make a profit by offering a product or service in exchange for payment. Another commonality is that all companies must keep track of their sales, expenses, and payroll in order to track their profits and ensure that their cashflow is adequate, for paying their taxes, —among many other reasons.
This tracking, tax preparation, and reporting fall under the heading of bookkeeping and small business accounting.
So, every business has these needs in common. But if your small business is like most, these functions are not on your list of core competencies. So, to take care of these needs, you’re either going to have to hire a bookkeeper and a small business accountant, or you’ll need to outsource these functions. There are many solid arguments for outsourcing.
Reasons Many Companies Outsource Bookkeeping and Accounting
There are a lot of smart small business owners who have outsourced their bookkeeping and accounting functions. Some of the reasons they gave for making this choice, and the results for doing so, are the following:
- It helped us grow.
When we outsourced our accounting functions, the firm we hired helped us set up and organize a solid accounting system that allowed us to focus on sales and growth instead of having worries about cash.
- It gave us confidence and peace of mind.
Having a firm with experience in accounting, that we could trust and rely on, helped us change the way we thought about our finances, which in turn helped calm our anxiety and increase our peace of mind.
- It allowed us to focus on our core strengths.
Design and development are what we do best—not keeping the books and preparing taxes. Outsourcing our accounting and bookkeeping to a very smart company allowed us to focus on what will keep us in business and making profits.
- It helped us find the right person for the job.
We tried to hire a dedicated employee—and it just didn’t work out for a number of reasons. Hiring a dedicated company with years of experience and a client list with depth has helped ensure we have the right people working with our finances.
- It saved us time.
We were handling the bookkeeping ourselves. It was a distraction and it was taking up too much time and energy. Outsourcing our accounting and bookkeeping functions gives us more time to focus on our business instead of the painstaking detail of the everyday numbers.
Resolution Accounting May Be the Firm You Need
Do any of the above sound like your situation? Remember, every small business needs bookkeeping and accounting services. Don’t fall into the “Founder’s Trap” and try to do everything yourself (unless you have an accounting degree). Instead, consider working with a firm like Resolution Accounting. Serving the entire Philadelphia region, including King of Prussia, Exton, the Main Line, Malvern, Chester County, Montgomery County, West Chester, Conshohocken, and more, Resolution Accounting offers Philadelphia-area small businesses professional accounting services. Contact Resolution Accounting—send us an email or call us now!