Outsourced Accounting Services Are a Great Resource for New and Growing Businesses

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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 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