Accounting is a business function necessary to effectively manage business finances. But a lot of business owners still choose to manage their accounts in-house. This takes up their time and increases their compliance risks. A Phoenix accounting firm can do more than just bookkeeping. They can facilitate your company’s financial planning and operations, letting you better manage your cash flow. As you consider outsourcing your accounting, make sure your chosen firm has CPAs with extensive experience in serving businesses like yours. The following are reasons you should hire accounting services:
Save Money and Time
When you work with an outsourced experienced accountant, you can save on training time and costs. You only pay a monthly service fee and gain access to accounting expertise, including bookkeeping and tax management. Also, you can avoid costly mistakes or employee turnover.
Get Help Growing Your Company
When done right, accounting provides you with a clear picture of the financial health of your company. In turn, this lets you make informed decisions necessary to grow your company. Also, you know if such decisions are feasible. These include making decisions on when to open another branch or hire new people.
By partnering with a reputable accounting firm, you can understand your collections and receivables and manage your cash flow. Sound accounting practices let you understand the performance of your company and make wise decisions.
Ensuring Statutory Compliance
Running a business is costly and time-consuming. You will never hope to run into issues with the IRS and be hit by a possible audit or penalties. When your organization grows, it can become harder to organize tax documents and file your taxes. Tax-related tasks include things such as payroll and profit and loss statements. Your accounting partner can let them handle it for you, so you can just focus on what you are good at. They will ensure your company stays compliant with regulatory requirements. They can easily catch irregularities and make sure your accounting records do not have errors.
Make the Most Out of Tax Savings and Deductions
By outsourcing an accountant, your company can enjoy tax breaks and exemptions. Your accountant will determine if you meet the qualifying conditions to claim these breaks. To get tax deductions successfully, you have to overcome many challenges. Plus, if you do business abroad, you may not be familiar with different tax treaties. This can result in double taxation, which means paying more taxes than you have to. Your accounting partner can give you advice on tax benefits you may be eligible for and help you claim them.