Let’s face it. Small business owners in San Francisco are a harried lot. There’s so much to do: run the business, meet with clients and partners, manage the employees, fix this, adjust that, strategize for the future… and do the books.
What? Do the books? Figure out the accounting? Know the latest tax laws, and look for advantageous tax strategies? You’ve got to be kidding! Few small business owners have enough time to do that, let alone do it efficiently!
Doing your own books, and trying to be our own in-house CPA is a strategic mistake. In this blog post, let’s look at the top ten reasons small business owners would do better to outsource their CPA and Accounting needs to a professional CPA firm such as Safe Harbor LLP.
Reason #1: Time
Adam Smith provided in the Wealth of Nations long, long ago that everyone does better if he or she specializes. If you know pizza, do pizza. If you know how to be a great lawyer, be a great lawyer. But let the professional CPA be a professional CPA. It will save you time.
Reason #2: Efficiency
Time is money, and related to reason #1 is that a professional CPA is not only more time efficient but just more efficient.
Reason #3: Missed Opportunities
Missed tax savings cost you money. You might use Turbotax or some other software program off the shelf, but only a professional CPA can find the hidden savings in every nook and cranny of the tax code. Missed opportunities will cost you money!
Reason #4: Peace of Mind
Experts are experts for a reason; relying on a proven, ethical tax expert will give you the peace of mind that your taxes were done in the most advantageous yet legal way. You’ll sleep soundly at night, and if the IRS audits your return, you’ll have a professional by your side to explain everything.
Reason #5: Focus
Focus on what you know, not what you don’t know. In this way your mind will focus on your own business and not on taxes or accounting. By focusing you’ll be more effective at what you do. Let us focus on what we do best.
Reason #6: Security
Sometimes small businesses make the mistake of giving accounting, CPA-like and banking responsibilities to an employee only to discover too late that that employee has engaged in bad practices. As a professional, licensed CPA firm, we meet the highest ethical standards.
Reason #7: News Updates
Taxes and tax laws change all the time. Can you keep up? It takes a full focus on taxes and accounting, and only a professional tax service / accounting firm can keep you up to date.
Reason #8: Business Strategy
We can act as your “in-house” CFO (Chief Financial Officer) and take the numbers one step further than just accounting or tax. We can advise you on the best business strategy.
Reason #9: The Personal is the Business
A professional CPA firm can see opportunities in structuring how the personal is the business, how your personal finances impact your business finances and vice-versa.
Reason #10: Estate and Succession Planning
Most people, including most small business owners, do not want to think about the end game. Having an outside CPA firm can help raise the difficult but important questions of estate and succession planning.
These are just ten reasons. Call or email us today for a free fifteen minute phone consult on how we can act as your CPA or accounting department and bring a depth of professionalism and experience you can’t get from the inside.