No matter how strong your accounting infrastructure is, you may have weak spots that prevent your business from growing. If you don't have a solid foundation, you may encounter small and major problems in your payroll, tax and bookkeeping systems. Professional service providers help fill in your weak spots. When you use a service provider, you won't have to hire additional employees or invest in training new staff.
Bookkeeping
A dedicated bookkeeper is worth his or her weight in gold, but you might not have the resources to hire a full-time bookkeeper. It's particularly difficult to work your way through financial records if you have a large backlog. A professional service provider can quickly work through your backlog and set up a system to ensure that you don't fall behind again.
Tax Filing
Business taxes are complicated. Yearly changes in the tax code make it difficult to keep up with IRS and state requirements. If you don't file the necessary forms, you'll be assessed fines, fees and other penalties. You also may overlook essential deductions that greatly reduce the cost of doing business. Avoid tax preparation frustration by hiring a professional service provider to handle it for you.
Expense Management
Your employees shouldn't necessarily have to shoulder the burden of business expenses, but expense management is difficult to pin down if you don't have a system in place to track these expenses. A service provider can help you create policies and systems to easily track the money your employees spend, identify expense fraud and help you audit accounts receivable and payable.
Establishing Financial Technology Infrastructure
Do you have dedicated technology systems in place for your accounting and human resources departments? Sometimes you'll find that the easiest way to foster growth in your organization is by creating technology solutions to create a more efficient accounting workflow.
