All businesses need accounting services. Whether it’s handling payroll, filing taxes, or preparing financial statements and reports, someone needs to do it if the business is to succeed. The challenge is whether to do these services in-house or to outsource them to an accounting firm.
Most small business owners in Hamilton have limited funds, so you may think you can save money doing the accounting yourself. You need to think about how many hours you’d spend doing those tasks when you have so many other responsibilities. Is it really the best use of your time?:
Why Hire an Accounting Firm for Your Hamilton Business?
Hiring an accounting firm to manage your accounting processes and requirements can save you time, money, and headaches. Proper accounting requires knowledge and expertise that accountants are educated and trained in. It can be challenging to do these yourself without that training, even using some “user-friendly” accounting software available.
Some tasks that certified accountants can provide for your Hamilton business include:
- Write a business plan
- Develop a financial strategy
- Obtain or maintain business licenses, tax permits, employment accounts
- Set up and manage accounting software
- Advise on tax compliance and issues
- Help meet requirements for creditors
- Maintain inventory records for purchases and sales
- Set up and manage/administer payroll system
- Assist in using and administering accounting software
As a business owner, you need to ask yourself if you really want to learn how to do all these tasks? Unless you’re a CPA, it will take you much longer to learn the processes and complete the tasks. Your other responsibilities will surely suffer from your lack of attention while you’re struggling with accounting.
You also need to consider the possible legal ramifications that could result from inaccurate accounting. If your tax returns are inaccurate because of accounting errors or incorrect records, it could cost your Hamilton business dearly in fines and penalties. Also, time spent dealing with remedying the situation will be a factor.
Leave it to the Experts
Often, business owners assume too much responsibility because they want to have more control. It’s your business and, of course, ultimately you are liable for everything that is done. You may believe that an outsider can’t know your Hamilton business as well as you do. However, if you don’t delegate some responsibilities, you’ll quickly burn out. No one is an expert on everything. At some point, you need to let go.
Delegating your company’s financial affairs to a trusted and reputable accounting firm is a great start. Choosing the right firm is important. Orcutt & Company can meet all your financial needs for your Hamilton small or medium-sized business. No need to dole out tax filing to one firm, payroll to another. We can do them all.
When you’re ready to delegate your business’s accounting, trust the local accounting firm in your neighborhood. We’re a small business ourselves, so we understand your needs as a small business. Let us help you succeed and grow.