Choosing the right accounting and Bookkeeping Services for your small Business

Small business and start-up companies usually do not have volume financial transactions. Generally, the owner of the business handles the accounting front of his business like all other key areas when he starts his business. But as the business grows, the need to hand over jobs and tasks to people who have specialized in the chosen domain makes sense as it eventually leads to reduced risk of errors and effective management of the key areas. When it comes to choosing the right people for accounting and bookkeeping services in Lakeland FL, the top challenge the business owner faces is – whether to hire an internal bookkeeper and accountant or outsource the services. 

Bookkeeping and Accounting

Bookkeeping is about recording every financial transaction that the business entity makes in a prescribed format and classifying each transaction using modern methods of accounting practices. An accountant will then analyze and interpret this information to summarize and report it with the management of the firm to facilitate decision making, in the best interest of the continuity of the business. The functions performed by a bookkeeper and an accountant are like two wheels of a single functionality called the Finance Department. It means that a small business in Lakeland would need to hire at least two different persons to perform the tasks associated with accounting and bookkeeping services in Lakeland FL.

Hire Or Outsource

It is essential that the jobs are done by people who not only have the required credentials and certifications regarding education and training; they also need to be experienced in the particular industry as each industry has their own specific needs and ways of working. To look for experienced and well-qualified internal bookkeeper and accountant can be a daunting task as it involves one to scrutinize their certificates and their industry experience record carefully. Additionally, experienced and well-trained employees hired on full-time or even part-time means high salaries and increased costs associated with employee benefits. 

It is, therefore, advisable for a small business to outsource their accounting and bookkeeping services in Lakeland FL. Outsourced accounting firms work for a wide range of industries and hence have experienced and certified employees on board. In the initial years, when the small business has limited budgets and revenues, the volume of the transactions are not that high and are less complicated, it is sensible to get on board an outside agency that specializes in accounting and bookkeeping services. They cost much less than a full-time or part-time employee.

The Right Firm

It is however not easy to choose the right accounting and bookkeeping services in FL with a plethora of options available in the area. On one end there are individual practitioners to the other end of the spectrum where there are firms that have a national and international presence. More prominent accounting firms may tend to overlook smaller businesses. It is more comforting to have smaller bookkeeping and accounting firm on board where one can interact more on a face-to-face basis. It is essential that the firm has the requisite certifications and licenses. Equally important is that they have industry-specific experience. The best way is to seek a referral from a relevant industry trade association or competing business firms. The other way is to meet the firm representatives and top management and carry out due diligence by adequately conducting a reference check before taking the final call