I Don't Really Need Accounting Services, Do I?

When you're operating your business, you know that every penny counts. But at the same time, many business owners wear many hats, including directing overall financial decisions for their company. Though most take advantage of accounting services to ensure their company's success, it's very tempting to simply skip that part of the process and take care of accounting in-house. Unfortunately, unless you have a CPA working for you, this can be a really bad decision.

Here's why:

• The IRS audit. Every business owner lives in fear of getting an audit on their federal or state business income taxes. A good accounting service not only prepares your paperwork properly to lower your chances of an audit, it will also help you navigate the process if you are audited.

• What's your cash flow really like? You may be bringing in a lot of jobs, but does that actually translate to profit and a steady cash flow from those projects? If a customer is slow to pay or a project costs more than expected, it can cause serious problems for your company.

• How strong are your record-keeping skills? Bookkeeping and accounting requires meticulous recording of all income and expenses that go through your business. Having to go back and re-build those records later is difficult if not completely impossible.

• Payroll and employee laws are difficult and constantly changing. Do you have employees or contractors? Do you need to check particular databases for outstanding debts that require a payroll lien? Knowing these things helps ensure you're properly handling these issues.

• Time is money. You're probably very good at what your company does, or you wouldn't be in business to do that. That doesn't mean you're good at accounting. Spend your time working on your strengths instead of wasting precious time trying to learn accounting.

By taking advantage of the knowledge and experience that accounting services provide, you can ensure that your business will continue to operate without the risk of audits or legal action. But which service should you turn to so that you can make sure your company's accounting is kept in good order? At Accountrely, our clients are more than just customers, they're family. Why not find out how we can help your business achieve its best success yet? Please contact us today to get started.