The answer is a definite yes. Outsourcing the can help any sized firm. Even very large companies often outsource because they find that it allows them to keep fewer and more specialized employees, thus lowering salary, Social Security and Medicare tax, unemployment, Worker’s Compensation, health insurance and retirement costs. In addition, it lowers costs in other ways by creating more efficiency.
For the small business entrepreneur, outsourcing their bookkeeping services to a Rochester CPA firm can present a huge savings and relieve a lot of frustration. In small businesses, where the owner is the only employee, the use of a Rochester accountant can give the owner more time to focus on growing the business and doing what he or she does best. It also prevents the necessity of carrying Worker’s Compensation insurance, required if you have any employees.
There are a number of other reasons to seek outside assistance in bookkeeping and utilize the services of a professional consulting firm. CPAs who provide accounting assistance also can use their expertise to identify changes to your business that can save thousands of dollars, by either reducing your costs or making a few changes to save considerable tax dollars. The more the accountants know about the daily operation of your business, the more they can identify methods of saving money or maximizing benefits. It’s like having a highly trained knowledgeable assistant without the huge expense.
You may already be using a bookkeeping program and find it lacking in many ways or simply don’t know how to use all the applications. A Rochester accounting firm can either tailor your accounting procedures to your specific business, enhance the use of your present program or both, while it also maintains the daily, weekly, monthly and annual duties of bookkeeping. Having a program tailored to your needs is far more meaningful, when it comes to accounting practices. While the basic principles of business remain the same, a baker may have specialized needs when compared to a construction company. Most programs don’t identify the differences unless you understand how to make adjustments.
Most of all, particularly for the small businessperson, at the end of the year, you won’t find yourself stumped when it comes to doing your taxes. All the information will be organized and ready with limited guesswork. Accounting firms can also help you prepare tax forms and if you’re a partnership or S corporation, can create K-1 forms and aid you in preparing your personal taxes. They know all the changes in tax laws that affect your business and personal taxation and can aid you in making subtle changes that can save thousands of dollars before the end of the year, while you still have time to make the changes.
RDG+Partners wants to be the primary advisor for motivated business owners. The firm is committed to providing boutique level accounting, tax and business consulting services to the Rochester, NY community.