SMALL BUSINESS ADVISORY SERVICES

BOOKKEEPING AND ACCOUNTING SHOULD NOT SLOW YOU DOWN. LET US HELP SPEED YOU UP!

Your company has grown, you have a steady customer base and your revenue is increasing. You need to be able to focus more on managing and marketing to keep customers satisfied and continue to grow your customer base.

Outsourced CFO Solutions is ready to assist and help you reach the next level with our online, or “outsourced” accounting and bookkeeping services. Now you can get the services you need, the flexibility you demand and the ability to access your bills, invoices, accounts and reports 24/7/365 from anywhere with our On Demand Command Center.

Bookkeeping is the day-to-day recording of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. As a subset of the accounting process, it’s the eyes and ears of the business operation on a daily basis and functions to provide management with the data from any given time period. This is the foundation of financial information and helps supports the progress and growth of your business. Should there be a need for a business loan or line of credit, bookkeeping would be the “go to” source for this information and completion of the application.

The lines between accounting and bookkeeping are blurred. They operate very closely together but a simple way to think about it is accounting is the step above bookkeeping. Whereas the bookkeeping function is the day-to-day financial operation of the business, the accounting is the bigger picture look at things. Internal structures and systems could be built by the accounting team for the bookkeepers to follow. Accounting is also the tax referral source for the business as it requires a very keen awareness of the ever-changing tax laws keeping your business compliant. Accounting would also be responsible for setting up the checks and balances in the organization to prevent fraud and improve operational efficiency.

Here’s one way to summarize the two; The bookkeeping in your business will help you make a profit while the accounting of your business will help you pay less in taxes and help control your financial operation. 

IS IT WORTH HIRING A BUSINESS ADVISOR FOR A SMALL BUSINESS?

Hiring a Business Advisor for a small business can be a wise investment because they can help the company manage its finances more effectively. Some of the benefit of hiring a business advisor to offer small business services include:

• Accurate Record-Keeping and Financial Statements: A professional can help ensure that a small business’s financial records are accurate and current. This is important for tax compliance and making informed business decisions.
• Tax Planning and Compliance: A Business Advisor can help small companies navigate complex tax laws and regulations. They can ensure that the business is paying the minimum amount of taxes legally required.
• Financial Forecasting and Budgeting: An expert can help a small business forecast future financial performance. They can also develop a budget that aligns with the company’s goals.
• Cash Flow Management: A professional can help a small business optimize its cash flow by identifying and addressing any issues impacting cash flow, such as late payments or inefficient spending.
• Legal and Regulatory Compliance: A Business Advisor can help a small business comply with various legal and regulatory requirements, such as filing annual reports. They can also ensure that the business has the appropriate licenses and permits.
• Business Growth Support: An expert can help a small business identify growth opportunities and develop a strategy to take advantage of them by providing valuable financial insights and recommendations.

It is worth noting that not all small businesses need to hire an accountant. However, it is highly recommended that you do so, especially if you are not confident in your own ability to manage the finances of your small business. If you do not have the time to manage your finances, hiring an accountant can save you time, money, and legal headaches later.

WHAT SHOULD A SMALL BUSINESS ASK A SMALL BUSINESS ADVISOR?

When interviewing a potential Business Advisor for your small business, it is essential to ask the right questions to ensure that they are the right fit for your business. Some questions that a small business should ask include:

• What experience do you have working with small businesses like mine?
• Can you provide references or examples of successful projects you have completed for small businesses similar to mine?
• What services do you offer, and how do they align with my business’s needs?
• How do you stay up to date on changes in tax laws and regulations that may impact my business?
• How do you handle communication, and how often can I expect to hear from you?
• How do you bill for your business’s services, and what are your hourly rates or package pricing options?
• Are you familiar with the industry-specific laws, regulations, and accounting standards that apply to my business?
• Can you help me with business planning, forecasting, tax compliance, and accounting?
• Can you provide some examples of how you have helped other small businesses improve their cash flow, reduce costs, and increase profits?
• Do you have any experience with small business technology, such as service accounting software, and how do you stay current with the technology?

Asking these questions will help you get a better understanding of the Business Advisor’s qualifications, experience, and approach to working with small businesses. The answers will help you determine if they are the right fit for your business’s needs.

Outsource Bookkeeping Services for Better Small Business Tax Strategies

At Outsourced CFO Solutions, Inc., we offer various bookkeeping services tailored to small businesses. Our experienced team of professionals can provide you with the help and guidance your business needs, from payroll and invoicing to financial statements and tax preparation. We can assist you with maintaining accurate records, creating effective financial systems, and staying compliant with all legal and regulatory requirements. With our help, you can improve your business’s financial performance while reducing the time spent managing finances and increasing profits. Contact us today to begin.