Whiz Consulting Has Launched Small Business Accounting Services
Whiz Consulting, one of the major accounting firms in the US, has added more services for small businesses and introduced outsourced accounting services. Find out more about how this service will help the clients and enrich their growth.
- Dallas, TX (1888PressRelease) October 09, 2021 - Whiz Consulting, a leading accounting firm in the US, has launched small business accounting services. This service is mainly focused on small businesses. After observing the significance of accounting services for small businesses, the company made this decision and how more businesses are outsourcing each day. According to researchers, most small firms, about 62%, employ an in-house accounting team. According to the research, most companies already have accountants, but they also recognize the importance of an outsourced accounting professional.
When weighing the advantages and disadvantages of in-house accounting against outsourcing, one notable benefit of the former is the confidentiality of data. We deal with a lot of sensitive data, so we'd prefer to rely on an accountant who works for us. Outsourcing accounting, on the other hand, is more cost-effective and assist with compliance. Outsourcing provides a one-of-a-kind option to get accounting help from qualified specialists without levying the extra costs of hiring in-house employees. Whiz Consulting has made the process easier by offering online accounting services, which you can get from the comfort of your home.
Other reasons why Whiz Consulting launched a separate outsourced accounting service for small business are as follows:
Outsourced accounting is becoming more common
An accounting survey concluded that an in-house accounting team is used by 49% of small enterprises that have been under the same administration for five years or longer. In-house accountants are employed by 73% of organizations that have been under the same administration for a little less than a year.
Other surprising conclusions from the research include that 27% of small businesses don't have a business bank account for their firm. Younger businesses (those in operation for less than two years) were more likely to lack a separate business bank account than those in operation for more than five years, as one might assume. In other findings, it was discovered that two-thirds of businesses polled used the accrual basis method to track their accounts, vs 31% who used the cash basis method. Another 2% of those surveyed were undecided about which strategy they applied.
Outsourcing is driven by three factors:
Expertise: Accounting consultants have extensive knowledge of business accounting and can assist businesses in navigating difficult situations and maximizing their tax returns.
Following compliance requirements: Accounting has a lot of rules, regulations, and consequences for making mistakes. Trained specialists can perform accounting services without violating any rules or regulations.
Bringing accounting costs down: Accounting charges might climb as a company grows. Hiring, paying, and providing benefits for an in-house accounting team can be costly, but outsourcing eliminates these expenses. Whether you hire a virtual CFO or bookkeeper, you will have to spend much less money than usual.
Small businesses should think about outsourcing accounting because it allows them to work with experts while saving money.
Selecting the Right Accounting Software
QuickBooks, Xero, and FreshBooks are among the accounting software programmes used by businesses. Small businesses should consider user-friendliness and compatibility when choosing accounting software, according to experts. Businesses should think about how specialized accounting software can help them reach their goals.
Both in-house accounting and outsourcing have advantages. As a result, small business owners should weigh the benefits and drawbacks of each option before determining which is best for their operations. In either instance, the most crucial part is that businesses entrust their financial management to someone they can rely on and who knows their industry.
About Whiz Consulting
Whiz Consulting is a growing accounting firm specializing in outsourced accounting and bookkeeping for businesses of all sizes, as well as payroll processing, taxation, and advisory services. Regardless of the size of their operation, they give assistance to start-ups, SMEs, and other businesses. They provide a solution that helps you optimize your business's bookkeeping, payroll, and tax calculation demands while lowering the costs associated with hiring full-time bookkeepers and accountants locally or internally.
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