Think back to when you began your journey as a small business owner. The first few months were crucial, and you, as an entrepreneur, had to constantly be there to guide your infant business in the right direction. You had to juggle the roles of owner, CEO, CTO, accountant, and salesman. You did an excellent job of getting your business to its current position.
But that was when you were starting, and your business was yet to find a firm footing. Now the scenario has changed.
Do You Need Professional Accounting Services?
Your business has graduated from being a startup with maybe just a couple of people to a small business with many more employees, partners and customers. It is becoming difficult to juggle the various roles effectively without compromising on professional and personal growth plans.
Being overwhelmed with work and responsibilities can sometimes lead to errors, and if those errors happen to be in your company’s accounting, they could be costly. The best solution is to hire a professional accounting service to keep your books of accounts and finances on track.
Don’t wait for your small business to pay the price of poor accounting. Check your business for the below five signs, and you will know whether it’s time to call in the experts.
1. A 24-Hour Day is Inadequate for a Small Business Owner
Being the master of all departments of a growing organization is not a piece of cake. Wishing you could pack in more work into the 24 hours available in a day (or have 48 hours in a day instead!)? Then it’s time to outsource at least some of the crucial duties of your business, starting with the accounting. Keeping a close eye on everything from records of daily transactions, general ledgers, analysis and preparation of financial statements, and managing cash flows needs undivided attention. It is better to hand over the responsibility to a professional accounting agency that can dedicate time exclusively to your accounting needs, giving you some much-needed time for other, possibly more critical, managerial decision-making duties.
2. Employees’ Salaries Wait For No Boss
A tiny slipup or error in bookkeeping might lead to deferrals on employee salaries, accounts receivable, accounts payable and other payment-related responsibilities. These problems can snowball into more significant issues if not identified and rectified on time. As a small business owner, you would not want your employees to walk out on you just as the business is on the cusp of better opportunities. Professional accounting service providers have the means and tools to tackle such delicate problems. It is better to let them handle the timely disbursement of salary.
3. Data Storage and Theft: A Small Business Owner’s Nightmare
Running a small organization sometimes entails reluctant compromises, such as getting the latest, most advanced software or technology for your business needs. In such cases, it is natural to be anxious about data security. An accounting agency has reliable security and storage equipment that is maintained and updated periodically, thus keeping your financial statements and records safe from potential hackers.
4. Taxes Can Be Taxing
Tax season spells stress for everybody. As a small business owner running your unit, you must ensure your tax documents are in order in case the CRA comes knocking. No matter how good you may be at numbers and math, tax rules and laws are so intricate and complex that even the most seasoned tax gurus tend to be extra cautious. The slightest oversight could lead to trouble with the taxman. A better alternative would be to let the experts do what they do best and devote yourself to other strategic tasks.
5. The Small Business Owner’s Dilemma: Accounting Or Expansion?
The main goal of every small business owner like yourself is to expand your business horizon and become a big business. As your organization evolves and grows, so will its accounting needs. It may have been economical and not so hard to take care of the accounting when your organization was young, but things get more complex eventually. Delegating the task to other employees as an add-on to their routine duties won’t do either.
At this crucial time, you will need all the help and support you can get from your staff, and burdening them with extra work will only add to the overall stress, not to mention increase the risk of errors. But outsourcing your accounting load to a professional agency can cut down on these problems and help avoid them altogether. Furthermore, their expertise and experience can come in handy in assessing and solving your financial problems, like advising you on any loans or tax solutions, if need be.
Getting a professional accounting agency on board is an expense, but think of the money you will save by avoiding what could well turn out to be expensive mistakes for your business. As the saying goes, a penny saved is a penny earned.
Contact Glenn Graydon Wright LLP in Oakville for Your Professional Accounting Services and Bookkeeping Needs
Talk to a professional accountant to outsource your accounting and bookkeeping so that you can save time and focus on your business. At Glenn Graydon Wright LLP, our accountants and bookkeepers can provide services to outsource all your accounting needs. To learn more about how Glenn Graydon Wright LLP can provide you with the best accounting and bookkeeping expertise, connect with us online or by telephone at 905-845-6633.