Starting your own business is exciting. You’re your own boss, you get to do what you love, and you’re building something unique. However, you’re also working 16-hour days trying to keep all your bases covered. New business owners often start out trying to DIY as much as possible, which can be a good move... for a while.
The tough reality? Most new businesses fail in their first 18 months. To keep your company from going under when you’re just starting out, you’re going to need strong allies in your corner. Once you're rolling, it's time to outsource some of the essentials.
At CSI Accounting & Payroll, we've worked with thousands of small business owners for over 50 years. In all of that time, we've seen trends in what makes new businesses successful - and what makes them fail.
We try to stick to the facts, but it might sound biased coming from us that these three services can help you be more efficient and successful: professional accounting, payroll, and tax preparation.
Monthly accounting? Isn't that the same thing as bookkeeping? Definitely not! Monthly accounting is a step up - a version of accounting that produces value instead of just sorting numbers. It combines the following, all included in your set monthly fee:
If you’re not receiving an accurate Profit & Loss Statement and Balance Sheet every month, you should be. Reconciling your accounts monthly and keeping your records up to date saves you financial headaches later on, and fully understanding your cash flow can show you ways to improve profitability.
A monthly accounting service provider can do all of this, plus provide you with expert financial advice in real-time. They don’t just do your taxes at the end of the year; they work closely with you to achieve your financial goals throughout the year.
Monthly accounting might not be ideal for some brand new startups, but once your business is ready to get the right amount of value out of it, it's a great investment.
Outsourcing your payroll comes with numerous benefits. Here are just a few of the values it offers you:
More free time to advance your business
Less hassle dealing with tedious, complicated payroll software
Security knowing your payroll process is handled externally, not by an employee who may quit and leave your business hanging
Reduced costs by working with an external payroll professional
Zero risk of IRS penalties for filing incorrectly - payroll services are guaranteed
Outsourcing your payroll simplifies life, making it one service your business shouldn’t be without. This is why it's one of the most commonly outsourced business services. So how do you decide which payroll service is best for your business? First, learn the differences between national and local payroll providers.
Taxes are stressful and difficult, but a tax professional lifts the burden from your shoulders. By working with an expert to plan for your taxes throughout the year, you’ll save yourself a tax day headache and minimize the amount you owe. Many small businesses start by outsourcing to an annual tax accountant or even try to do it themselves with software.
Tip: use the same outsourced firm for both your tax preparation and your accounting. Keeping your financials and tax planning under the same roof will streamline your operations and save you time. Not only that, but monthly accounting services include the cost of tax work in your set monthly fee.
The right partners make all the difference for your company. By building relationships with trusted consultants who understand your business needs, you improve your efficiency and your chances of long-term success.
Did you know that bundling these financial services under the same provider is extremely beneficial? Luckily, CSI Accounting & Payroll offers all three - conveniently located under one roof for any and all occasions when there's information overlap.
If you want to find out if we can be a good fit for your business, click the button below for a free consultation:
Not ready to talk? That's okay! If you want to begin your journey by doing your own accounting, here's a helpful kit to get you started: