Every successful company has a brilliant entrepreneur at the helm. However, backing them is a skilled accountant who assists the company in maintaining complete control over its finances while reducing business tax and other expenses.
Businesses of all sizes — from small and medium enterprises to global conglomerates, depend on accounting. But, a majority of finance teams in organizations are still either predominantly manual or substantially manual effort, according to a 2022 Deloitte survey.
With accounting being mind-numbing and arduous, manual processes increase the likelihood of errors — that might seem small but such lapses can have costly consequences. This is where dedicated accounting support can help.
Outsourcing your accounting services can save both time and money which enables you to make informed business decisions and maintain complete control over your financial situation.
Listed below are five ways in which dedicated accounting support can save your business time and money.
1. Managing tax obligations
Optimizing your tax management whilst adhering to the many laws and rules can be an uphill battle, and when done incorrectly could cost you a lot of money or lead to an audit. Your dedicated accounting support team is able to assist you with tax planning, provide structure to various tax burdens and handle them on a regular basis; which means they can help you in saving money by filing as many claims as you can, getting loans if you qualify for financial aid, and taking full advantage of whatever tax deductions you qualify for.
Taxes must be properly and timely filed because laws keep constantly changing, and by not knowing, you may be putting yourself at risk of fines and charges.
Handing over bookkeeping responsibilities to a dedicated accounting support team, you can be certain that your company is making informed decisions, based on accurate data. Without accurate bookkeeping, your end-of-year accounting duties might take more time than usual for completion, which could cost the company a fortune. Incorrect financial records might also be a hindrance when you are seeking to raise funds.
These professionals ensure that you keep your books clean, precise and up to date to give you a clear picture of your business’s performance, basis on which you can make sound financial decisions, and eventually save a considerable amount of time and money.
3. Financial modeling
An outsourced accounting team can test various scenarios and alter variables by using financial models. Hence, these experts can give your company a greater understanding of the prospective future that lies ahead for your company based on correct data and statistics.
In addition, they can help identify the risks and benefits involved with any large project that you may undertake as well as your capacity to finance that project requires financial modeling.
4. Secure funds
Securing finance from banking institutions can be tedious and time consuming but dedicated accounting support services can help ease the process. They can offer expertise when applying for loans and securing funds. They will help you sort the budget, make a detailed business plan, and guide you through the entire loan application process.
Besides, they can even help you in understanding the various investment vehicles if you plan to make an investment.
5. Business advisory
Dedicated accounting support can collaborate with you to plan the expansion and growth of your company, offer valuable insight and assist with crucial projects that can significantly impact business performance. They can assist you with setting targets, budgeting, financial planning, forecasting, and pricing in order to raise your profit margin.
Their business consulting services may be what you require to advance your company or even start a business from scratch. You can track your progress, maximize profits, make informed and strategic business decisions as well as achieve desired results with their advisory services.
The bottom line
People who have the aptitude to operate a business might not have the skills, time or desire to handle the accounts. It makes sense to engage an experienced professional for handling accounting needs when your company has expanded beyond a particular size in order to ensure that you have ample time to focus on running the business. Dedicated accounting support is capable of much more than just saving you time and money. It helps businesses comply with regulations, lower risk, manage growth and plan ahead.
Want more? In addition to taxes, accounting, bookkeeping and CFO services through its FinOps, Escalon’s Essential Business Services include PeopleOps (HR, benefits, recruiting and payroll) and Risk (business insurance). Talk to an expert today.
This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.