Let us admit it, accounting is complex. Typical accounting tasks such as managing accounting transactions, reconciling accounts payable and receivable, and preparing budget forecasts are time-consuming and stressful.

If you try doing everything yourself, you risk overburdening your finance team. Your employees will have less time for more important tasks that matter and can make mistakes.

If you have too much on your plate, consider outsourcing your accounting. Hire a top-rated accounting firm near you to manage your day-to-day transactions.

Accounting firms employ seasoned professionals who stay up-to-date on current trends in accounting. These experts will help you make smart business decisions in line with your goals and ensure that you maintain financial compliance.

There are multiple benefits to outsourcing your accounting. Your provider can help increase collection rates, streamline your accounting, and help you avoid expensive accounting errors.

Here are some accounting services provided by small business accounting firms near you.

Tax Planning and Preparation

Your outsourcing partner will help you develop an effective tax strategy and choose the right tax-saving avenues to reduce your business’s tax liability. They will prepare year-end business documents such as employee W-2, 1099-Misc, and IRS owner K-1 forms.

Tax laws are ever-changing. Your provider will ensure tax compliance and help you identify your unique planning needs. The team will work with your financial planner, estate planning attorney, and insurer to implement long-term strategies to minimize taxes.

Management Consulting

Many accounting firms offer consulting services. Once your provider gains an in-depth understanding of your business environment, your business’s financial position, and your tax situation, they will help you figure out how much insurance covers your business needs.

The accounting firm will help you identify ways to improve the health of your business. They will come up with a process improvement plan to identify and eliminate redundant processes. They will provide guidance to prevent internal and external frauds and stay on the right side of the law.

Business Financial Record Keeping 

Your accounting firm will work with your bookkeeping team to maintain cash flow records. Your provider’s team will prepare your profit and loss statement and help your team manage accounts receivable and track expenses.

Your accounting firm will also help ensure that the required paperwork for onboarding contractors and employees is completed on time.

Want to streamline your accounting but do not know where to start? Virtual Jeannie Bookkeeping Services can help. We will come up with an effective strategy to eliminate flaws in your accounting system and optimize it. To schedule an appointment, call (707) 664-1425.