When a business grows, its needs grow as well. Once your business reaches a certain point, you will need help in controlling all aspects of it including financial management. Even if your business is still small, you shouldn’t skimp on having all the help that’s crucial for your success, such as accountants.

You probably think that hiring an accounting firm is an added expense for you, but it’s one that you should consider as an important part of your operations. Especially when it comes to some of the most important aspects of running a business, like your finances, this isn’t one for you to skimp on. Keep in mind that one mistake can spell the difference between financial failure and success. The help of an accounting firm will provide benefits for your business, beyond just the finances. Let’s look at the 4 advantages of using an accounting firm: 

1. You will save on salaries

Instead of a salary to an accountant, you will need to pay to an accounting firm. But this payment directly depends on the type of activity, turnover, the number of checkout operations, the number of employees, and the taxation system. Tariffs of accounting firms are flexible.

2. Accounting firms offer qualified specialists

To stay afloat, accounting firms attract the best specialists and train them constantly. They interact with each other, share their experience, and are always aware of changes, unlike a full-time accountant of a small company who works alone and cooks in his own juice.

Such specialists are expensive, but this does not affect your expenses - you pay a strictly agreed amount under the contract.

3. Savings on other expenses

An outsourced accountant does not need to buy a computer, furniture, software. There is no need to pay for professional literature and professional development. You don't need to take him/her out to corporate parties and reward him/her with bonuses. All this is the concern of his employer, that is, the accounting firm.

4. Savings on additional services

A package of services in an accounting firm is usually not limited only to accounting services but includes the services of a personnel officer and a lawyer. And all this is within the selected tariff. This way you not only save even more but also do not waste time on solving non-core tasks and can focus on your main work.

5. Legal structure advice

When starting a business, you need to consider its legal structure and which title will best suit both the business’ and your needs. Whether you choose to operate as a limited company, partnership, corporation, sole trader, or any of the many other choices, an accountant can help you avoid mistakes. There are lots of various structures to consider, like those enumerated earlier, and each will impact how your business runs and what you’re responsible for.

An accounting firm will be able to run you through each type, translate all the legal jargon, and will help you choose the structure that would make the best fit for your business. Before you even get started with all the legalities that come along in your business, you need to know precisely every single detail of what you’re getting yourself into. That way, you’re able to give yourself that higher assurance that you’re not going to fail in your business. Business growth is better assured when you know every complexity involved in running your type of business.

6. You have access to the resources you need.

In addition to accounting, most accounting firms offer tax, audit, and specialty services. Working with a firm that offers a full range of services is beneficial if a financial or tax issue were to arise, as you could easily access the expertise you need. At PWB, our advisors come from different backgrounds ranging from the country’s top CPA firms to successful private businesses. With this deep pool of expertise, we’re always ready to go to bat for our clients if needed.