Best Accounting Services for Small Business Growth

Your powerhouse small business deserves (and probably needs) comprehensive accounting services. When you’re in the earliest stages of your business, accounting might seem like something you can tackle internally. Sure, you can run payroll for a few people, file your individual tax returns, and maybe keep track of your business expenses in a spreadsheet. But as most entrepreneurs discover, DIY accounting can quickly become overwhelming. 

The truth is that your business’s finances are way too crucial to leave to chance. Small mistakes can be devastating for your business, and leaders need accurate financials to stay compliant and make the best decisions possible. 

Instead of “winging it” when it comes to your small business accounting, there’s another option: outsourcing your accounting to a firm or provider that specializes in working with small businesses. 

These financial experts offer a comprehensive array of financial services and can cover everything from basic bookkeeping to executive strategic finance. 

We’re diving into exactly what to look for when it comes to the best accounting services for small business and naming some of the providers that you might want to work with so you can ensure your business’ accounting needs are in good hands.

Why Your Small Business Needs Accounting Services

To start with: does your business really need to outsource its accounting services? Sure, it’s definitely possible to handle many of your financial and accounting needs in-house. But there are a few main reasons why your business might genuinely benefit from using small business-focused accounting services.

Benefit #1 You remove room for error (by trusting experts)

Let’s face it: when your accounting and financial needs are being covered by your in-house team, there are a few risks. Details might slip through the cracks (like aspects of HR compliance), and you open up your business to potential errors. While some mistakes are easy to fix, others are far more detrimental. But when you trust your accounting and finance needs to a top-tier small business accounting company, you know the financials of your business are in good hands. 

Benefit #2 Your services grow with your business 

It’s one thing to process payroll for a few employees and navigate things like small business taxes when you’re just getting started. But as your business grows, your accounting and financial needs become far more complex and more challenging to manage on your own. The best accounting services for small business can expand as your business does.

Benefit #3 Your business is best prepared to scale

In order for your business to scale, leaders need to be able to make data-backed financial decisions, and things like financial forecasting and monthly financial reporting become crucial. With outsourced accounting providers, you get key insights and mission-critical insights, which can help you make the best decisions possible.

Benefit #4 You can focus on what you do best

All business owners, founders, and decision-makers know what it’s like to need to be a “jack of all trades.” And while some things are worth tackling on your own (like changing that lightbulb that’s been out forever, or organizing an overdue team-building activity), others simply are better left to the professionals. Outsourcing your accounting services frees you up to focus on actually running your business while giving you valuable peace of mind.

What Falls Under SBMAccounting?

Small business accounting services vary depending on the company you choose to partner with. However, here are a few of the typical services you can expect to find:

• Bookkeeping – Outsourced bookkeeping services go beyond “just” bookkeeping (although basic bookkeeping services are included, and vital). You’ll also get features like bank account reconciliations, credit card reconciliations, employee expense management, A/P management, and monthly financial reporting. 
• Tax – Business taxes are a crucial part of your business’s finances, and when you partner with experts, they help keep your tax season stress-free. Your accounting partner will get to know your business inside and out, so you can get the most out of your taxes. These services typically include things like tax savings and credits, 1099 management, sales tax filing, and proactive strategic tax strategies. 
• Accounting Management – You can get robust accounting services which include fraction accounting specialists, accounting managers, and other additional support positions with expertise in your industry. 
• Financial Reporting – Data from financial reporting is crucial for decision-makers to form realistic and powerful strategies for their business. These services can include monthly financial reporting, annual budgeting process management, KPI reporting, and financial planning & analysis.
• Cash Management – Cash flow is a crucial part of any business, and needs properly maintained. Cash management services can include vendor payment processing, cash flow analysis, cash collections support, and banking relationship management. 

Our Handpicked List of the Best Accounting Services for Small Business

If you’re looking for a top-tier accounting services provider, look no further: here’s our handpicked list of the providers who are around right now that you should consider partnering with.

1. hiline

Yes, we’re starting off strong with ourselves, but let us explain. We’re hiline, and our goals have always been to push the boundaries of what an accounting company can be (we’re an evolution of Gardner & Capparelli, our boutique accounting and strategy firm). We’re starting off with ourselves because we’re a firm believer in the services we provide, and know how transformative they can be for startups, entrepreneurs, and small business owners. Because we specialize in accounting for these types of businesses, we know exactly how to deliver targeted, accurate, and useful accounting services for your individual business, whether you need help with your taxes or executive-level financial advice.

When you look at our services, you’ll see why business owners, decision-makers, and entrepreneurs love working with us. Our services are tailored (never general), and they’re available in a segmented nature, so you can select services as you need them. We’re designed to grow with your business or scale back as you need to. 

Now that you’re familiar with us and our work, we’re going to list some other top choices for the best small business accounting services providers. We’re extremely confident in the quality of our work, and because of how specific our services are, we believe we’re the best fit for many small businesses and entrepreneurs out there today. That’s why we’re not afraid to link to other businesses in the same industry. We want customers to go with the choice that’s best for them, and we firmly believe that customers who will best benefit from our services will want to partner with us. 

2. Punch Financial

Punch Financial says they offer “the modern bookkeeping experience.” They say they provide clients with a “top-notch” bookkeeping team for the long term,” and that they use technology and financial strategies to help your business. 

3. Paro

Paro claims to help you “unlock the future of finance and accounting” by giving you access to financial professionals along with tools. When you use Paro, you get access to financial “experts” who can supply you with on-demand accounting and financial services. They also use “proprietary AI matching technology” to find accounting professionals who match your business needs. 

4. Cypher

Cypher says they “support founders and CFOs” so you can make informed financial decisions. They focus on small businesses, startups, SaaS/tech businesses, e-commerce businesses, and service-based businesses. Cypher’s offerings include bookkeeping, CFO packages, financial modeling, fundraising support, and financial strategy.

5. Bench

Specializing in bookkeeping and taxes, Bench says that they have real humans who will help you achieve “perfect books.” They say their team “imports bank statements and prepares financial statements every month,” and that their work is blacked by their “in-house research team.” They also offer one-on-one support with a dedicated bookkeeper. 

6. Pilot

Pilot offers accounting services which include bookkeeping, tax prep, and financial expertise. They offer customers a “full finance stack” which includes tax, R&D credit, and CFO services, and work in industries including startups, consumer goods & retail, and professional services. Their basic services for pre-revenue companies recently rose to $499 per month.

The Choice is Yours, but the Verdict is Clear

It’s no secret that founders, leaders, and decision-makers vastly benefit when they work with firms that provide the best accounting services for small business. When you have experts taking care of your most crucial and delicate financial needs, you can focus on actually running your business, while your financial pros take care of the rest.

Here at hiline, we’re dedicated to providing bookkeeping, finance, tax, HR and Payroll services for all types of small growing businesses – startups, tech companies, nonprofits, agencies, and more If accounting-fueled growth is something you’re interested in, let’s talk.