Being ready to make big decisions are, almost by definition, the most important function of any small business owner. Therefore, whether it’s basic bookkeeping services or complex accounting, it can seem trivial. And it can be difficult to keep up with how the day-to-day chores and errands. Yet these are important. So there has to be kind of standard operating procedure, right? This is certainly the position that inexperienced leaders of many organizations have taken. That applies to a restaurant franchise owner, an office manager, or a non-profit CEO. It applies to practically every small business. Let’s take a look at outsource accounting.
There are a number of situations where being bogged down by details and protocols can hurt efficiency. And these cause one to lose sight of the big picture. Having a person (or team) be in charge of something that is important, often complex, and—in many cases—tedious, like bookkeeping seems like a no-brainer when you as business owner know that you have a myriad of other concerns on your plate… so why do so many managers try to do their own bookkeeping and accounting?
Business and Financial Solutions (BFS) is an accounting and business development firm. We have several offices in the Washington DC area. They include, Rockville, MD. Our organization has seen owners and CEOs of LLCs, S-Corps, and non-profits try to do their own accounting and bookkeeping…
Having an in-house accountant can be extremely expensive. Managers know that if they do it themselves, they won’t have to pay someone else to do it! It’s quite natural for a manager to realize that bookkeeping is important and they can save money by doing it themselves. And while it can seem like a great way to avoid hiring your own accountant, the corners you cut can end up costing you in the end. Because mistakes almost always crop up. QuickBooks turns out to be more confusing for them than they realized, and worst of all, they end up spending so much time working on their bookkeeping, they aren’t able to spend as much time properly running the rest of their business.
What CPAs and Enrolled Agents like Gibson understand is that even though small business owners are among the hardest working individuals in the country, they lack the specialized knowledge and experience to perform bookkeeping work in a way that is efficient and comprehensive. Accounting is often complex and it’s easy for the layman to let important elements to get lost in the details.
For many small business and non-profits, the best route is to work with seasoned professionals. Outsourcing your bookkeeping and receiving accounting support from a firm of seasoned professionals might be an economical option. But without the added cost and complications of hiring your own in-house person or team. Business and Financial Solutions swears by this platform. It is as an excellent (and increasingly used) vehicle for getting excellent results. Yet, there are less cost of money or headaches. Though we serve clients in all 50 states, make sure that whatever firm you work with, they are: