Nicole, Here Are Your Articles for Monday, September 28, 2020
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Is This Your Situation: Continually Worrying About Accounting

 

Running your business takes a lot of effort. You have to find new customers, take care of your existing customers, manage employees, oversee marketing and sales and develop new products and services. Accounting and finance is not on that list, but it is equally critical to the success of your organization.

Outsource Your Accounting Functions

It may be prudent to outsource your accounting functions. Rather than hiring an in-house team, which will require management resources, outsourcing these accounting functions can allow you to concentrate on your core business. Following are just a few of the many tasks an outsourced accountant can handle:

  • Preparing and improving financial statements
  • Maintaining your general ledger
  • Assisting in monthly and year-end closings
  • Preparing and processing payroll and accounts payable
  • Reconciling accounts
  • Performing internal audits
  • Designing your accounting system
  • Assisting with financial software
  • Filing taxes

You don’t need to manage an internal accounting department. Doing so spreads your resources thin and forces you to hire and manage additional staff. Instead, an outsourced accountant becomes your virtual accounting department. Although these accountants work off-site, they are just an e-mail or phone call away, so you can readily access important company information.

Gain Expert Advice and Ensure Compliance

Payroll is a complex process on its own. If you don’t properly classify your staff and pay them appropriately, you can face stiff penalties from the Internal Revenue Service. An outsourced accountant can control your payroll functions and ensure that you’re compliant with state and federal requirements.

Bookkeeping is another aspect of your business that requires extreme attention to detail. And it is the number-one task that small business owners routinely neglect. You don’t have to struggle with this task if you work with an outsourced accountant who can help maintain your books. By relinquishing some financial control, you can feel more in control of all aspects of your operations.

Following are some of the additional benefits of hiring outsourced accountants:

  • They can be a source of expert advice and compliance information.
  • They can provide tips on reducing your business costs and improve your overall productivity.
  • They can help you better manage your time so you and your team can remain efficient and engaged in the essential tasks of running your business. 

If you want to hire an expert to take the burden of accounting off your plate so that you can concentrate on your core business, contact us today.

 
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Siegel Solutions Inc
Siegel Solutions Inc
(781) 487-7000
info@siegelsolutions.com
144 Gould Street Suite 205
Needham, MA 02494
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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