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Choosing the Right Accountant for Your Small Business
Running a small business comes with countless responsibilities, but many small business owners can agree on one key priority—especially in the first few years of business.
Managing finances effectively is one of the most crucial elements of creating a strong foundation for a small business.
A reliable accountant can help you navigate the complexities of bookkeeping, tax compliance, payroll, and financial reporting. With this peace of mind, a small business owner can prioritize running the business.
What Small Businesses Should Know About Outsourced Accounting vs. DIY
If you’re a small business owner, you’re likely used to wearing many hats at once: CEO, marketer, customer service rep, and, for many, accountant. But managing finances is one of the most critical – yet overwhelming – tasks for business owners. While it might make sense to handle your own books in the beginning to save money, financial management can become extremely complex as your business grows.
Below we’ll break down the pros and cons of DIY accounting versus outsourcing so you can make the right choice for your business.
Why Small Businesses Should Set Goals and Track KPIs
Goal-setting and KPIs are the cornerstones of every successful business.
For small businesses, especially in the first five years, clearly-defined goals are the difference between survival and failure. Did you know that 50% of small businesses fail within the first five years of operation? From there, only about 30% of small businesses make it to the ten-year mark.
The first few years are critical for establishing stability and long-term success. One of the most effective ways to navigate this period is by setting clear, measurable goals.
At Acctivator, understanding your goals is the first step of our collaborative process for a reason. They’re that important and they work.
Here’s how to work with your team (even if you’re a team of one) to identify and track KPIs for success.
Simplify Payroll: Helping Small Businesses Thrive
Running a small business means juggling countless tasks— and payroll often tops the list as one of the most time-consuming and stressful. From tracking hours to calculating taxes and issuing payments, payroll can be a real headache. On top of that, staying compliant with tax regulations and employment laws can feel like navigating a maze.
But here’s the good news: getting payroll right doesn’t just keep you out of trouble—it helps your business grow by keeping employees happy and freeing you to focus on what really matters.
How to Identify and Track KPIs That Will Transform Your Small Business
Running a small business usually means having countless responsibilities competing for your attention at once. But did you know that, amid the chaos, Key Performance Indicators (KPIs) can help guide your every decision? KPIs are metrics that provide insight into how well your business is achieving its objectives, helping you focus on what truly drives growth.
For small business owners who wear several hats, having accurate and timely data as you make decisions isn’t just helpful — it’s essential. By tracking the right KPIs, you gain clarity into your business’s strengths and weaknesses. From there, you can readily decide how to allocate your resources to plan for sustainable growth.
How an Accountant Can Help Small Businesses Save Time and Money
Starting and running a small business involves wearing many hats — but what if you could hand off the financial management hat?
Professional accountants handle essential financial tasks, from bookkeeping and tax preparation to building financial reports, payroll and cash flow management.
Small business owners aren’t necessarily accounting experts, but financial tasks can often take them away from core work. Those same financial tasks, when subject to error or oversight, can be the downfall of a young business.
Partnering with a full-service accountant means gaining a trusted advisor who can simplify financial processes, ensure compliance, and ultimately save both time and money. It’s a huge load off for any small business owner.
Why Strategic Bookkeeping for Small Businesses is Critical for Growth
All bookkeeping is not created equal.
Different businesses have different needs — and even those can change swiftly as a business grows.
Getting strategic with bookkeeping is more than just recording financial transactions —it involves analyzing financial data to make informed business decisions that align with both short- and long-term goals.
Basic bookkeeping usually focuses on tasks like tracking income and expenses. Strategic bookkeeping takes your financial data further by integrating financial management into the overall business strategy.
For small businesses looking towards growth, this approach is not just a best practice. Strategic bookkeeping could be the key component to sustainable growth and long-term success.
Franchise Accounting Made Easy: Tips for Streamlining Your Finances
Franchise owners: want to be successful? No matter what industry you’re in, managing your finances effectively is actually step one for success. As you know, unlike independent businesses, franchises come with a unique set of accounting challenges. From adhering to franchisor requirements to managing location-specific expenses, it’s easy – and totally normal – to feel overwhelmed. But with the right strategies and tools, streamlining your franchise’s financial processes can actually be easier than you think. If you’re ready to take control of your franchise accounting, check out the actionable steps we provide below.
Unlock Success: Financial Reporting Tips Every Small Business and Franchise Needs
“You don’t know what you don’t know.”
When running a small business or opening a franchise, you’re on a “need to know” basis with all of your finances.
That’s why it’s so important to establish detailed and accurate financial reporting from day zero. That’s right, before you see one red cent deposited into your business account, make sure your financial reporting plans are ready.
The Best Practices for Efficiency for Small Business Accounts Payable
AP is a lot to manage, especially without the right systems in place. Below, we’ll break down best practices to streamline your accounts payable, reduce errors, and strengthen the financial health of your growing business.
The Benefits of Full-Service Accounting for Small Businesses and Franchises
Running a business? Then you know that managing finances is one of the most critical — and time-consuming — things that you do. Whether you’re a small business owner or a franchisee, the complexities of bookkeeping, payroll, tax prep, and reporting can feel overwhelming. And that’s exactly why so many people in your position opt for full-service accounting. This ensures that every financial aspect of your business is handled seamlessly, from day-to-day transactions to strategic planning, allowing you to focus on what you do best — running your business.