Delegating out your accounting projects does not make sense for everyone. Making the decision depends on a huge number of factors: the size of your company, the complexity of your accounting needs, the number of people on your payroll, etc. That said, there are some instances when outsourcing an accountant makes sense for you and your business.
#1: The Start-Up
You are a brand new company. This is your first year on the books, and to be honest, you really don’t have the time or the expertise to make sure it is getting done properly the first time. As a start-up, your time is incredibly valuable. Time quite literally is money. Every afternoon that you spend pouring over invoices and payroll is an afternoon that you are not spending acquiring new business, training your staff, and growing your business. Furthermore, at Peter’s Accounting, we have years of experience helping brand new businesses take advantage of tax incentives and deductions that save them thousands. And what brand new business couldn’t stand to save a few thousand dollars!
#2: The Mature Small Business
For well-established small businesses outsourcing your accounting needs make huge financial sense. As a small business owner who has been in the game for some time you are ready to take a more hands-off approach to the day-to-day operations of your successful business. An accountant will tell you exactly what they need from you and provide you with the tools you need to continue making savvy business decisions. Better yet, an accountant is also a fresh pair of eyes! Accountants are part of logistical masterminds and part financial consultants. We work with businesses large and small to take advantage of tax incentives directed at small businesses in Ontario.
#3: Tax Time
Regardless of your business size and maturity, outsourcing your tax preparations to a licensed, experienced accountant is the only smart choice. Unless you went to school to be an accountant, chances are you are making a valiant attempt to do your best. And while that ambitious attitude is exactly what led you to the successful position you are no doubt in now, only an accountant can help you make the most out of tax time. It is our job to have our finger on the pulse of constantly changing tax regulations, deduction guidelines, and tax incentives. We help you navigate this web of regulations and rules to get you the best return possible!
#4: When Making Business Decisions
As mentioned above, an accountant provides a fresh pair of eyes that will help you make the best business decisions possible. Bookkeeping services by a professional accountant provide you with endless reports intended to help you understand where your business sits. From detailed general ledgers to accurate and timely payroll facilitation, to customized reports regarding different areas of spending and income, your accountant is a professional asset.
If you would like to know if outsourcing your accounting is the right decision for you, contact Peter’s Accounting today!