Working With a Remote Accountant | CPA Baton Rouge LA

Before COVID-19, remote accountants might have seemed crazy, but COVID-19 has proven that remote accountants work great and are here to stay. In the last year, several small businesses have had to deal with unforeseen expenses. During various phases of your business’s development and growth, small business accountants can assist.

It is common for small business owners to fall behind in accounting and bookkeeping, but this is the last area where you want to make mistakes. In tough economic times, managing your finances is key to a successful business. Those who work closely with an accountant will tell you that a small business accountant is an absolute necessity. According to a study conducted by Intuit, the maker of QuickBooks, TurboTax, and other financial software packages, 89% of small businesses see more success when they work with an accountant or advisor.

Your company may benefit from hiring an accountant at different stages of its growth. Every step of the way, from a business plan to the formation of a company to a tax audit, an accountant can ease your burden.

Small business owners who want to save money may think they can not afford an accountant. But consider how long it would take you to do certain tasks (such as taxes), and ask yourself, would that be a good use of your time? As a result of the pandemic, especially during uncertain times, it is paramount that you focus on other core areas of your business, such as retaining loyal customers and generating new and creative marketing ideas.

Let’s say it takes you 13 hours to file your taxes and your time is worth $100 per hour. Filing your taxes yourself would cost you $1,300. You always run the risk of making mistakes, especially if you’re multi-tasking like most business owners. Furthermore, there is much more to accounting than just filing your taxes, so the time spent may exceed 13 hours.

In the past few years, remote accounting has become more popular. You must facilitate your remote accountant with the proper records and accounting tools from your side for them to keep your books reconciled and your taxes straight throughout the accounting-from-home landscape. Remote accounting is not only on the rise but is also here to stay.

Consider implementing these trends to ensure your small business’s financial success.

• Use cloud-based accounting software: Cloud technology has emerged as the most integral component of accounting technology trends. Due to the technology built into cloud-based accounting software, you can share access with your accountant from anywhere.
• Embrace automated accounting: As a small business owner, you have a lot on your plate. Rather than wasting time on redundant, labor-intensive chores, you can automate them with software and focus on things that matter.
• Strengthen Your Cyber Security: Hackers target small businesses more often since they are more likely to be at risk. It is important to remind your employees that they are just one click away from a cyber attack. Remind them to use strong passwords and to limit access to networks and buildings.
• Gain Comfort with Forecasting & Analytics: In today’s business world, small businesses are likely to use forecasting, analytics, and budgeting applications to better understand their cash flow and make better decisions. It will give you better visibility into your business, better operational efficiency, deeper financial insight, and keep you on top of your business.

Although there are many types of virtual accounting services available, there is only one that is right for your business. Choosing a service with experience in your industry will enable them to offer the best advice for your company.

Don’t assume you should do your bookkeeping just because you can. Let us help if financial tasks are taking a lot of your time and are affecting the success of your business. It will free up your time so you can focus on growing and running a successful business. Get in touch with our accounting firm today.