How To Start & Grow Your Business

8 Reasons for Small Businesses to Use Accounting Services

From the Editor's Desk
Feb 18th, 2015
  • Estimated reading time: 2 min read
  • Hummy's
    Highlights

    1Sound financials help you get loans. 2A good accounting system makes audits smoother. 3It helps in expanding your company.
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Accounting

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It’s easier and more affordable than ever for any small business to get outside help with accounting, says Max Brown on YFS Blog. “Nowadays, there are various companies that provide small business accounting services at a cost-effective price. They can work as an independent unit or integrate into your company’s workflow without disturbing daily operations,” Brown says.

8 Reasons to Get Accounting Services:

  1. To get a small business loan. Accounting professionals help draft the proper documentation to convince lenders your company is financially sound.
  2. To expand your business. Your accounting system can provide a detailed picture of your company’s status which you need before you move into new methods of operations or expand into new markets.
  3. To prepare for audits. Accounting service providers are expert in preparing account statements for business audits.
  4. To simplify taxes. “An accounting system helps you prepare proper financials and tax-related reports so you can keep your business above board and avoid potential legal issues. Moreover, employees will get their compensation and work-related tax documents on time,” Brown says.
  5. To help investors understand your business. Potential investors will ask you to provide income statements, balance sheets, and important financial documents—your account service will be able to produce the necessary documents.
  6. To prevent losses. Your accounting service will alert you to blind spots and loopholes that could result in potential losses for your company.
  7. To save money and time. Account services save you money in the long run by keeping up with industry rules, technology and regulations that effect tax laws. For you, this means time saved to focus on building your company.
  8. To help reduce financial stress. Knowing you have experts managing the financial issues of running a business is a great stress reliever.

Leaving the accounting to experts allows for business owners to focus on what they do best—build their business.

To read the original article in its entirety, please visit YFS Magazine.

About the Author

From the Editor's Desk

This article was written by a bizHUMM Staff Writer. We aim to provide practical tips that help solve your burning small business questions. If you have any suggestions or ideas for articles, please email them to: editor@bizhumm.com