While checking the inbox, time and again we encountered a similar question from the readers, the entrepreneur of the internet marketing firm. Their concern is how to manage the business tax and accounting services? Is it wise enough to keep a local accounting firm to deal with the activities? These firms are doing bookkeeping but want to focus on their business core more than executing these accounting responsibilities.
Al their concerns and worries are about three things:
- Should they outsource their bookkeeping and accounting aspect as their core competency is something else other than keeping accounting records?
- The question also come about at which point of time a firm is supposed to switch to a big-five accounting firm if it is planning to double the annual sale of the company every year. Presently $500,000 being the sales.
- The third concern is all about choosing a desirable bookkeeping solution. Is it advisable to run a big-five accounting firm with a local bookkeeping firm?
Our expert team advice on the entrepreneurs’ queries one by another:
We the Outsourced Bookkeeping is your real business partners. Our skilled team of professionals does have good knowledge about the accounting and bookkeeping standard and policies. Our expert suggestion can help you in making important business decisions. We can provide you the timely expert accounting and bookkeeping services.
Outsourced Bookkeeping caters the need of the big and small business units, CPAs, individual firms and company operating in the USA. It is the best and safe approach nowadays. You can trust us in the peak tax seasons for tax return filing activities. We do value your time and money. So call us to get detail knowledge about your tariff plan and package. We are a customer-centric company.
According to our market experience, we suggest you go for accounting process outsourcing for your business to get the best possible services at the lowest available prices.
Coming back to your first business issue says your business competency lies somewhere else. It’s not the accounting and bookkeeping area. Every business has its own goal and objective. The entrepreneur should focus on their business goal rather than making random accounting entries. Recording and bookkeeping are important but it is nowhere going to work for the functional and economic development of the organization. Another thing we feel is that there should be a fair allocation of work to get the best benefit. Assigning the task to the right person is quite important to get the best outcome. If the business does not have competency in doing something it should better leave it for a right suit. This will save time and money of the management.
The best part of outsourcing is that you can tap into the expertise, resources, and infrastructure of the outsourcing company. Your business operating costs can be reduced. Accounting outsourcing eliminates the work burden of the internal staff. The management has the opportunity to deploy these extra resources in a structured way to get the best of it. Many entrepreneurs mix up treasury functions with bookkeeping. Let me clear something to the entire business owner. Delegating bookkeeping and accounting functions to a third party does not include shifting the task like investing, authorizing bill payments online, signing checks or executing wire transfers. So the main control remains with you only.
Our suggestion to your next concern whether to switch to a big-five accounting firm is a “Big No”. You would have gone for hiring a big-five accounting firm if you are raising public capital. Better you can hire a good CPA firm for your requirement rather than risking and complicating the things by involving certified audit programs unnecessarily.
Thirdly, we want you to continue with the small firm accounting service provider for the execution of your accounting and bookkeeping activities even though you are hiring a big five company. This will get you independence regulations, control over your business and will help you to maintain a standard accounting procedure in your organization. It is to be considered that a CPA performing an audit for your company is not suppose to carry out the regular accounting and bookkeeping task.
Hope the tactical business suggestion will help you to develop your trade basics. Our whole team and experts are always there to help you out. No matter whatever is the problem, you can share your concern and issue right here. Next week we will come with another business issue to the discussion forum. Do pay your visit regularly to the page for the trade updates about US business compliances.
