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Leveraging the Expertise of an Accounting and Advisory Firm to Support and Optimize Your Accounting System
This fourth article in our series outlines the benefits of partnering with an external advisory firm in optimizing your business finances. We look at the comprehensive services offered by outsourced accounting specialists and how they can support your in-house teams and processes toward ideal results throughout the work year. Bookkeeping is an essential aspect of […]Read more
Lagerquist’s third part of an in-depth blog series explores how partnering with a reliable external accounting and advisory firm can help your company avoid five of the biggest pitfalls faced by businesses. External accounting specialists provide extensive real-world experience that help companies navigate the most significant financial challenges with minimal guesswork.Read more
The second article in our original series looks at how hiring an external accounting and advisory firm can help businesses throughout the work year. By hiring an experienced accounting firm like Lagerquist Accounting and Advisory, you can look forward to structured processes that optimize your organization’s financial health and growth.Read more
The Business Benefits of Hiring an Outside CPA Firm For Your Small Business
Posted by Lagerquist Accounting & Advisory
This first article in our original series explores the advantages of hiring an external CPA firm for the accounting needs of your small business. We look at the types of services and consultations offered by a trusted and certified professional, going far beyond the routine filing of income tax returns.
According to the US Bureau of Labor Statistics, roughly 20 percent of small businesses fail within a year of operation. Up to 82 percent of businesses miss the mark due to poor cash flow management and misunderstanding of the involved processes. Hiring an external advisory and accounting firm can help your small business optimize finances to reach the best organizational outcomes.
Cost and Time Savings
An external CPA provides the specialized financial services you need exactly when you need them. With a reliable external specialist, you can optimize your business ROI without paying for the comprehensive services of a full-time accountant. The average market rate for a full-time accountant ranges between $150 to $450 per hour, which could be steep for a new business with a tight budget.
Alternatively, an external CPA guarantees quality delivery of specific financial tasks and strategies such as determining the latest rates for government contracting and determining break-even points for new investments. Additionally, you do not need to worry about incurring unecessary costs for unutilized hours.
Leverage Effective Strategies
An external accounting and advisory firm can manage multiple projects simultaneously while having an extensive history of collaborations. Your external CPA will have the industry-specific expertise to drive the best financial decisions across your business strategies.
For example, an external accountant could provide a detailed comparison of equipment pricing and features to help you optimize your budget. Similarly, your experienced accountant can guide you on the latest industry standards for retirement fund distributions and employee bonuses to improve the overall financial infrastructure of your business.
Access Advanced Accounting Tools
Experienced accounting and advisory firms keep up with the latest technologies applied by the financial industry. By hiring an external accountant, your small business can tap into professional knowledge and the most efficient accounting systems to streamline and optimize your daily operations.
For instance, a seasoned accountant can provide systematic guidance and support for your QuickBooks package (a leading software for accounting management). Professional accounting support helps you minimize the errors in your budget calculations, keep up with industry compliances, and expedite general accounting processes.
At Lagerquist Accounting and Advisory, we review and guide the selection of the most suitable accounting programs, configure system optimizations, and customize reports to ensure that your business gets the greatest return on your investment of time and resources. Additionally, Lagerquist provides specialized guided support for your in-house bookkeepers, helping them familiarize themselves with the latest accounting software for optimized efficiency.
Reach Organizational Goals
An external accounting and advisory firm understands the common financial challenges small businesses face across multiple industries.
A seasoned accountant can help you sort, prioritize, and achieve organizational goals by interpreting them as realistic financial targets. Additionally, an external firm has the industry and market data to shape those targets for the best outcomes.
Your external expert can help schedule periodic accounting reviews throughout the year to provide proactive financial strategies toward improving organizational ROI. An outsourced CPA can achieve this through bank reconciliation, accounts payable support, and other processes necessary for resolving infrequent organizational actions.
Hiring an external CPA prevents the issue as experts thoroughly manage revenues, expenses, and profits based on the latest guidelines and best practices.
An External CPA Is More Than a Service Provider
Experienced CPAs serve as mentors and advocates for your business, helping to iron out the technical details in your accounts, budgets, and audits.
As a small business owner, you might find yourself daunted by accounting matters which prevent you from reaching organizational growth and excellence. Your external CPA offers the ability, knowledge, and relevant experience to guide you through the most complex accounting challenges and make critical decisions with key insights.
With a reliable expert for your bookkeeping, tax filing, and managing of your most important business assets, you can focus on developing other areas of your company while minimizing financial burdens. Additionally, your external CPA can assist you in cost-cutting measures, such as avoiding the need to hire non-essential staff or leasing equipment rather than making a purchase.
Lagerquist Accounting & Advisory: Your Trusted Partner in Fulfilling Business Needs
Lagerquist is an experienced accounting and advisory firm that offers comprehensive CPA services for your small business. Our offerings include tax compliance, bookkeeping, accounting systems, and outsourced CFOs.
As a trusted partner in all things accounting, we empower your business with the focus, commitment, and detailed knowledge to realize your company goals, missions, and visions.
We are firm believers in giving back, with dedicated contributions to communities such as Maryland’s Women’s Business Center and SCORE Small Business Assistance Program. Our team aims to continuously offer mentorship and training to CPA professionals while supporting the long-term success of business owners.
The next installment of our series dives into a list of vital year-round strategies necessary for maintaining the health of small businesses.
Reach out to the Laqerquist team today to optimize your business budgets and strategies with some of the leading specialists in the accounting field.
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