Business Law

5 key advantages of outsourcing small business bookkeeping in Phoenix

Outsourcing is the most practical option for small businesses seeking specific expertise. However, when it comes to outsourcing finances and tax preparation, business owners and entrepreneurs often have their reservations. Sharing important financial details of your company with an outsourced accounting firm may seem risky on paper, but thousands of local businesses in Arizona are doing the same. In this post, we are sharing 5 key advantages of outsourcing small business bookkeeping in Phoenix

  1. Make the most of tax deductions & credits. Your fundamental team of managers may not know everything about minimizing taxes for your business. Working with CPAs ensures that you maximize tax deductions & credits. 
  2. Reduce tax filing issues. Mistakes in tax preparation can lead to severe penalties and other consequences. For new and smaller companies, the biggest challenge is staying up-to-date about evolving and changing tax laws. Instead of trying to avoid mistakes, consider hiring a CPA to look into key aspects of tax planning. 
  3. IRS Audit Representation. If you are facing a tax audit, you will definitely need the expertise of your CPA to represent your company before the IRS. There is no denying that audits are complicated and often extremely time-consuming. Handling IRS matters is no easy task. You need an attorney so that you don’t have to deal with the IRS directly. 
  4. Help with financial management. Gone are times when CPA firms worked on tax filing and financial statements alone. Today, CPAs often double up as tax consultants and offer advice on various aspects related to financial matters. They can help with considering loans and other aspects that can impact your business. 
  5. Help around the clock. Outsourcing to a CPA firm also gives you access to their core team of experts. Many CPAs work for the same law firm, and therefore, you can expect more minds to resolve a problem whenever there is one. CPA firms know that clients expect swift assistance and can customize their services to match the demand. 

If your company is managing records and bookkeeping manually, it is time to invest in an advanced system, such as QuickBooks. The good news is your CPA can you install and manage your accounting software and handle the regular tasks better. Most CPAs in Phoenix have ready packages and services for small businesses, and you don’t have to spend a fortune to hire an attorney. Check online now to find more on local firms near you and discuss your accounting needs in detail.