It takes a lot of hard work, time and skills to keep a business running smoothly. There are so many tedious tasks that take time away from the important work that needs to be done when you run a small business. Even if you have all the brains and brawn to wear all those different hats, trying to take care of everything yourself could soon become very overwhelming. When you add bookkeeping errors to the mix, it could also become pretty costly to a business. Wouldn’t you rather focus on the important aspects of your business?
If your budget allows, you could hire an in-house accountant or CPA. You could also outsource and have a CPA firm to take care of all your accounting needs. There are a couple of things to consider before you make a decision about which way would be more feasible for your budget.
* An in-house accountant may be more convenient, but is it cost effective? You will need to calculate the cost of wages, benefits, work space, rent, utilities, equipment, and software, as well as other supplies. All of these things will need to be updated from time to time too. If your employee needs time off, do you have another employee that can step up and take care of the books or will you need to make the time to do the job yourself?
* Outsourcing your bookkeeping tasks to a CPA firm may be more cost effective than you think. You may be able to save on some of those things you need for an in-house accountant. A CPA firm can analyze your cash flow and offer professional advice about you how to grow your business and make a profit. Hiring a CPA firm will give you more time to provide quality service to your customs instead of being buried in paperwork. You will also be less likely to miss out on important tax deductions too.
Sometimes just not having to worry about all the extra stress makes it worth while to hire a CPA firm. At Summit CPA we offer multiple resources to keep your business running smoothly. If you would like more information contact our office at (260) 497-9761 to schedule an appointment with our Virtual CFO.