One of New York’s Top Outsourced Accounting Firms Helps New Businesses Thrive in the Wake of the 2020 Small Business Boom
2020 will always be remembered as a year of incredible upheaval – one which affected us all both personally and professionally. We saw shifting priorities as hundreds of thousands of Americans decided to leave the confines of traditional employment for the exciting world of small business proprietorship.
In fact, the Business Insider, The Wall Street Journal and the US Census Bureau all report that new business applications in the United States rose to a 13-year high in 2020 despite the threat to business ownership caused by COVID-19. Even with the unknowns of the pandemic, many people decided to own their future, pursue their dreams, and become their own boss.
By now, those same business owners have been met with some of the most common challenges of owning a new business. Managing payroll, quarterly taxes, accurate bookkeeping, accounts payable and even deciding how to pay oneself are all critical functions of a healthy businesses bottom line. Avoiding or mismanaging any of these critical tasks could lead to failure in the first year – a hallmark feature of around 20% of small businesses, according to the U.S. Bureau of Labor Statistics. Enlisting the support of an accredited outsourced accounting firm is a smart, and affordable way to save time and money in the long run.
But it can be hard to know when might be the right time to bring in accounting professionals. With 20 years of experience providing outsourced accounting services for new and established businesses, The A Team understands the highs the lows of new business ownership – especially the growing pains that occur during the first year of incorporation. Here are their 5 signs that you might benefit from the support of an outsourced accounting firm:
- You don’t have the time to keep your books up to date. If your books are incomplete and/or inaccurate, you need a professional Bookkeeper.
- You are experiencing cash flow problems. If you don’t know how much money you have or how much you can spend, you need a professional Controller to help you figure this out.
- You are spending too much time and money on accounting tasks. Let an accounting technology specialist assess which integrations and automations would be useful to streamline your business.
- You are so bogged down trying to keep the numbers straight that you can’t see the big picture. Hire a Fractional CFO to assist with Goal Setting, Strategic Planning, and other high-level tasks.
- You are growing rapidly and don’t have the time or resources to hire a full-time accounting staff. With outsourced accounting services, you get the support you need without having to source and employ a full-time staff.
Don’t leave the future of your small business to chance! Take the reins today with the help of The A Team, a top outsourced accounting firm that offers practical accounting and accounting technology solutions to support your business. Call 646-849-4267 or shoot us a message to set up a consultation with an A Team member.
Sources:
Is It Insane to Start a Business During Coronavirus? Millions of Americans Don’t Think So. – WSJ
Increase in Americans Starting Businesses Surges to 13-Year High: Report (businessinsider.com)
Entrepreneurs Started Businesses in Record Numbers During the Pandemic
Outsourced Accounting Services
Your business is your passion. But if you focus only on daily operations and attracting new customers, who is making sure that your finances are in order? And if you focus on financials, do you have adequate time to run your business?
Accounting essentials matter, especially when it comes to making sound business decisions. You can’t grow your business operations without a clear understanding of your business dollars.
The A Team’s outsourced accounting services will allow you to focus on growing the business you love with the comfort of knowing that your financials are in order. From day-to-day bookkeeping, to complete and accurate financial statements, to strategic planning, our part-time accounting experts can provide all the financial information and guidance your company needs to thrive today and well into the future.
By working together, we’ll make your business better.
Why Outsource Your Accounting Services?
In addition to eliminating the stress and time that goes along with bookkeeping, taxes, and financial reporting, outsourcing your accounting with The A Team can benefit your business by:
- Giving you Time to run your Business: It takes a lot to run a successful and growing business. But having to constantly pour over your books robs your company of valuable time that could be better spent elsewhere.
- Reducing Costs: Outsourced accounting operations eliminates the costs of salary and benefits packages for full-time employees. You pay only for the part-time accounting services you need, and absolutely nothing else.
- Providing Safeguards Against Fraud: Accounting controls and external audits are an extremely effective means of detecting and preventing fraud. Businesses gain the benefit of third party professionals who can spot signs of fraud and implement proper controls, and immediately advise you of any suspicious activity, mitigating both the damage to your business and potential financial losses.
- Providing Critical Expertise and Experience: Financial accounting rules are complex. When you attempt to go it alone, you risk making a costly mistake. Our accounting professionals understand the ins and out of accounting rules and software.
What Makes The A Team Different?
Whether you’re a start-up or a well-established enterprise, our outsourced accounting services can be customized to meet your company's needs today and as you grow. The A Team will help you improve transparency and efficiency, so you can trust your numbers, make better-informed decisions, and always keep your focus on running and growing your business.
Our CFOs tailor solutions and provide information customized to your requests. We provide our clients with high-caliber expertise on a part-time basis, offering the ideal level of support at every stage of your business. - Part of our Executive Services Package
Our Outsourced Accounting Options
We don’t do one-size-fits-all--The A Team offers three levels of service giving you the ability to customize and combine services to best suit the needs of your business.
Essentials
Our bookkeeping experts will clean-up your books and records, reconcile statements and accounts, and complete 1099s, monthly entries, and financials. We can then implement systems that will give you clear and easy access to your essential information all year-round. And because day-to-day accounting essentials help drive major decisions, we’ll compile accurate, tailored financial statements that will allow you to quickly access information that's significant and specific to your business and industry.
Management
Our Controllers will oversee your bookkeeping activities, and put in place the roles and strategies necessary to meet your accounting department’s needs and achieve your business goals. Your A Team Controller will also provide valuable assistance to your CPA when compiling year-end information for tax purposes.
Executive
Our CFOs have decades of experience leading both public and private sector businesses, in varied industries including professional services, nonprofits, apparel, manufacturing, technology companies, real estate, wholesale/distribution, internet retailers, and more. The A Team’s fractional CFOs will tailor solutions customized to your requests. We offer high-level expertise on a part-time basis allowing businesses to access critical skills at a fraction of the cost of a full-time hire.
Flexibility is the key to a successful engagement. So, the scope of our work responds to your needs. We take guidance from you, making suggestions along the way to help streamline your processes and simplify your financial operations.
Get Support You Need When You Need It.
The A Team can provide the part-time accounting expertise your business needs, whenever and wherever you need it. No matter what growth stage your company is in, our approach will help you fill gaps at every level – from the boardroom to the back office.
As a top outsourced accounting firm, we boast a vast network of valuable resources that can help your business succeed, no matter your size or industry. In addition to accounting consulting, we also provide valuable accounting technology and recruiting support. Specific services from all three of our divisions can be combined to craft the ideal engagement for your company’s specific circumstances.
The success of your business is important to us. Focus on what you do best, and let the A Team handle the rest.
