As a small business owner, you should be consistently looking for ways to improve operations, increase profits, and reduce unnecessary spending. At first, this can mean juggling several tasks yourself or passing some to an administrative employee. That often happens to bookkeeping and payroll.
While you certainly can do your own accounting and payroll, there comes a time when it starts to make more sense to hire accounting and payroll services.
At CSI Accounting & Payroll, we've been helping small business owners outsource for more than 50 years. That means we have the expertise to explain three of the top ways that accounting and payroll services can help save you time and money.
As tax time rolls around every year, you don’t want to be scrambling for documentation of expenses for deductions. Using a monthly accounting service can help you keep track of expenses year-round and identify additional deductions. Having an accountant all year long also plays into a complete tax strategy.
Even if you do your bookkeeping in-house, you likely outsource to an annual accountant for taxes. Monthly accounting provides an annual tax service as part of your monthly fee that also includes bookkeeping, financial statements, and advice. Having one point of contact means there aren't opportunities for miscommunication between vendors, lowering the chance of costly mistakes.
When your bookkeeping isn't accurate and current, it doesn't just throw off your records - there's a cost associated with it. The consequences of falling behind range from paying penalties to closing your business or even serving jail time.
It can take a lot of time and effort to catch up on neglected bookkeeping. Lots of small businesses have messy financial records because the owner is too busy managing other aspects of the company. Don't get us wrong; you should be focusing on running your business. It's what you do best! However, this means someone else should handle your accounting.
Don't push off daily, weekly, monthly, quarterly, or annual accounting activities. If you can't handle them all in-house and on time, then you need to hire a monthly accounting service. Consistent tracking and reporting will clean up your books and provide valuable details for business decisions.
If you work with CSI Accounting & Payroll, we start by ensuring your records are accurate and current. If they aren't, then we can't provide an accurate service moving forward - so we perform back work. After everything is in shape, our system keeps it that way. Back work costs extra, so you save money by having great records and avoiding this altogether.
Like taxes, payroll can be complicated and time-consuming. At CSI, we often say that payroll is simple - until it's not. Outsourcing helps eliminate penalties for late files and payroll back taxes. An expert will file and pay your taxes for you - and they'll keep you in compliance and ensure you don't overpay your payroll taxes.
Bundling payroll services along with your bookkeeping streamlines the process, keeps expenses down, and saves you the time of working with multiple vendors.
Finding a local accounting and payroll provider is crucial because they have experience with the local tax laws and business climate. Plus, customer service often is a major distinguishing factor between local providers and big-name providers.
While we work with small businesses throughout the country, CSI provides that local touch along with top-of-the-line software that many small businesses wouldn't have the budget to support alone. It has better reporting and better access to reports, and it helps cut down payroll processing time. Ultimately, you'll be left with much less work than doing your payroll yourself.
Doing your own accounting and payroll is appealing to many small businesses until you've grown enough to benefit from outsourcing these services. Outsourced accounting and payroll can save you time and money through tax strategy, records to guide business decisions, and professionally-handled payroll.
Ready to hear more about how CSI Accounting and Payroll can save you time and money? Click the button below to start the conversation.
Not ready to talk? Feel more confident before taking this step by estimating your fees: