What You Should Look For In An Online Accounting Service.
If you’re running a small business, chances are you are wearing a lot of hats. You do everything from providing your products or services, making sales calls, managing the marketing and customer service, and taking care of the accounting.
Or maybe you are no longer doing all of these tasks, but you still are involved in those tasks at some level.
Being involved in such tasks turns you into a hamster running on a wheel. Yes, you are running the business and keeping it afloat but are you
- Happy
- Growing your business?
The answers to these questions are probably no. Running the entire business or being involved in all parts of your business can become draining over time. Eventually, it takes up so much time that you aren’t left with any time to focus on growing the business.
If this sounds like you, it’s time to take a pause and look at how hiring an online accounting service can save you time and money.
Why Should I Hire An Accounting Service?
The accounting aspect of running a business plays a crucial role. You’ve got bookkeeping, expense management, vendor management, cash flow statements, invoices, payroll, and more. As a result, you might end up spending most of your day just on accounting tasks, which in turn leaves you no time to focus on other tasks, like growing your business.
Another critical piece of the puzzle is understanding the financial well-being of your company.
When your accounting is inaccurate, inconsistent, or not managed properly, it can cause your business to lose money and leave you in the dark about where your business is financially and the direction it is headed. Of course, this is something you DON’T want to happen, so let’s talk about what to look for when hiring an online accounting service that can help you.
Knowledge and Experience
The first thing to look for in an online accounting service is the credentials, licenses, and experience. Once you’ve done your searching and have pulled up a few potential businesses, look at what they bring to the table. You want to make sure that they are experienced, licensed, and certified to take on the needed tasks and make sure that they know your industry! For example, if you run a software company, make sure the accounting firm is familiar with the software industry; otherwise, they might not be beneficial to your business whatsoever.
It’s also worth looking into whether or not they are using the most up-to-date accounting technology. Accounting technology has advanced in the past decade, and new platforms are emerging every day. As a result, your accounting professional should be well versed in the latest cloud accounting technology. If they aren’t utilizing platforms like QuickBooks, Expensify, Gusto, and more, they might not be the company to handle your accounting efficiently and effectively. To learn more about cloud accounting, read our latest article, Trends in Accounting Technology, for more insight!
Versatility
Accounting isn’t just “one” thing; it’s multiple pieces like bookkeeping, payroll, expense management, invoicing, and more. If you require a controller, payroll clerk, bookkeeping specialist, or other services, you want to look for a company that can handle all of those tasks. Hiring a company that operates all of those tasks will work in your favor because even though all accounting tasks are different, they should all merge into one efficient system in the end (it’s like putting all the pieces of a puzzle together!). Hiring multiple services to handle each individual task risks inefficiency, inaccuracy, and miscommunication.
Pro Tip: Hiring a company that can effectively run all the accounting tasks you need can not only save time, but it can also save money compared to hiring different companies at different rates!
Ask the accounting professionals you are interested in hiring what they can take off your plate. This will give you clarity and guidance on if they are the company for you.
Support
Last but certainly not least is support. You don’t want a company that fills in the blanks, hands it back to you, and goes on their merry way. That is NOT what an accounting professional should do. We’ve repeatedly said that accounting is a vital part of running a business, and your accounting professional should be your partner and advisor. Research has shown that accounting professionals are not just hired to provide strictly accounting services; they are also employed to help the business owner make effective and financially sound decisions.
Our virtual accounting services also give support in helping troubleshoot issues with the accounting technology you’re using to run your business. Online accounting experts will help you learn and grow so that you can work more productively each day. If you still want to handle certain aspects of accounting, they can help you streamline your accounting applications and workflows, all while teaching you best practices.
Partner with Redmond
Finding a perfect match for your accounting needs can seem daunting and stressful, but we are here to help. Here at Redmond Accounting, we provide multiple accounting services and are experts in cloud-based accounting technology. In addition, we are 100% online, meaning no matter where you are in the country, we are here to work with you. If you need to streamline your accounting workflow, update your accounting technology, or need all-encompassing accounting services, we are here for you. We pride ourselves on our ability to help businesses reach their full potential by streamlining their processes, supporting and guiding them, and saving them time and money by reducing errors in their financial tasks.
Let’s work together to help you get off the hamster wheel and start moving forward today! Schedule a free consultation today here.
