10 Benefits of Hiring An Accounting Team for Your Startup
Written by Amanda Bower | Published: March 1, 2021
Sign up for our newsletter to receive everything from accounting advice to notifications on new tax laws.
“No need to worry, my accountant handles that.” – Notorious BIG, and you, potentially. Wouldn’t it feel good to say that instead of wearing ten different hats each day? Continuously jumping into different roles as an entrepreneur can leave you feeling burnt out with little left to focus on what you love to do. It may feel like you need to grind it out to be successful, but there is a way to work smarter.
Outsourcing your back-office could be the solution you need. Here are ten benefits of hiring an accounting team for your startup:
1. Get Unlimited Access to the Experts
Accounting firms are committed to staying on top of industry training and best practices in order to offer their clients the best services available. Your outsourced team will come in ready to go with streamlined processes, useful insights, and the ability to utilize new technology to help your business thrive.
2. It’s A Package Deal
By hiring an accounting team, you may get additional functions outside of your immediate needs. Maybe you’re searching for someone to handle your day-to-day bookkeeping, and on top of that, you receive monthly reports that give you valuable insights into your business.
3. Every Goal Needs A Plan
A business plan is an important document that will help you form your business strategy. Bringing in an accounting firm from the beginning can help you to create your plan from a financial perspective and project where your business could go and what is needed to get there.
4. Streamline Growth
Once you get there, your team won’t slow down. They are taking the day-to-day financial tasks out of your hands and giving you the freedom to focus on taking your business to the next level. As your company grows, their services can expand with you, even offering virtual CFO capabilities when the time comes.
5. It’s All About Who You Know and The People They Know.
An outsourced HR/tax/accounting team that is well established will set you up with new connections and resources in terms of lawyers, insurances, etc. These connections and recommendations are invaluable to a business just beginning to grow.
6. Taxes Are Coming
Tax season can be a stressful time for everyone, especially a business owner. By utilizing your accounting team, you can stay on top of documentation and keep organized. Having an experienced accountant in your corner will help you to understand better what qualifies as write-offs and what tax benefits are available to your business. That means more money invested where it matters.
7. Specialized Services
A single hire will have more experience in one area than another and may not be the best equipped to take on your HR, tax, or accounting functions. Someone well versed in HR may be great at payroll processing and not be the best at handling your tax returns. Utilizing an outsourced firm will give you experts with invaluable experience in each respective field.
8. Attract Top Talent
An accounting team with an HR function will help you with your annual budgeting, giving you the big picture to see if you have room to invest in better benefits for your employees. By offering better benefits, you are setting yourself up to attract top talent. Once you obtain your talent, your HR team can help you establish KPIs to leverage that top talent to work towards your primary business goals.
9. No Need For Risky Business.
You will no longer need to worry about making mistakes on a critical business function that is not your specialty. When you’re running a company with a lean staff, it can be easy to miss something. By outsourcing your accounting/HR functions, you are protecting your business from a potentially detrimental mistake that could have easily been avoided.
10. More Money, Fewer Problems, Actually.
By outsourcing your back-office, you no longer need to run around trying to do every job under the sun. You’ll have real professionals in your corner ready to work for you that comes at a cost much less than an internal hire. With more money freed up, comes more opportunity to grow your business.
Are you ready to hang up a hat or two? Hiline is prepared to create a team catered to your business and get you back to focusing on your passions. Contact us today
Share this article