As a small business it is critical that you understand the need to outsource certain areas of the company. One of the reasons why so many small businesses fail to outsource areas of the company is that they believe they are expenses which they don’t need. The reality however is that outsourcing is an investment and one which will eventually improve the business on the whole. One area where every small business should invest in is accounting, a critical aspect of the business which should be the first place where you invest.
Scott Tominaga works with small businesses and helps to connect them with accountants, we caught up with Scott through Zoom last month and he was discussing exactly why accountancy is critical for those businesses looking to outsource, and here is what we took from that call.
Reduction of Workload
There are some things which you may be able to take care of in the business which can save you money, but accountancy is not one of them. Not only does accountancy take up a huge amount of time, which means you’ll have less time to spend on the business, not being a professional means that everything will take longer. Outsourcing means that you can spend that time on getting the business to where it needs to be.
One of the biggest reasons why so many companies find themselves in hot water financially, or with the IRS, is that they have not got a deep understanding of what it means to be compliant. Having an accountant on board means that you will be able to remain compliant and that you will be able to lose any concerns which you may have around tax worries or the financial state of the business.
When it comes to seeking advice for your business, especially for financial decisions, it is critical that you are getting advice from a source which is completely neutral and which has the interest of the business at heart. Unfortunately for so many business owners, they are not able to take the emotion out of such a decision, and that is why it is essential that someone is on hand to offer this kind of advice. Accountants will give it to you straight, based on nothing more than numbers and figures.
If your business is doing well and you seek growth then you can get the support which you need from an accountant. They can both offer advice as to whether time to grow is and how to do it, they can also share contacts with you that may be able to help you to achieve the level of growth which you are looking for. Growth is challenging and financially it is a tough thing to go through, having an accountant is the best way to ensure that this goes without a hitch.
This is why an accountant will do such a good job for your small business.