Accounting Support LevelsBrian Jang ON May 15, 2021
Some business owners try to do as much as possible by themselves. When it comes to something like accounting, however, they may not feel comfortable handling it on their own and may want to have assistance. Alternately, they may simply prefer to devote their time and energy to other parts of the business.
When seeking accounting support, there are different levels of involvement to consider so that you can make the right choice for your business. Do you need minimal assistance or someone who will become a major part of your team? Are you willing to work with someone through intermittent email contact, or do you need someone who is available whenever you need them and who meets with you on a regular basis?
Finding the right accountant can be a considerable boon for your business, so it is important to know the level of service you require.
- Mild Involvement
Maybe you just need a little bit of help with routine financial management. If that is the case, various bookkeeping tasks can be automated for you via cloud accounting software; clients will be invoiced, bills will be paid, and bank accounts will be reconciled. The automation process will be simpler when your business is just starting out and will be scalable as your operations grow.
Another valuable function of this level of service is ensuring CRA compliance to avoid the cost and trouble of dealing with audits.
- Moderate Involvement
If you are in a position where you are looking to expand your business and need a little more assistance beyond simply managing your financial records and preparing statements, you will want to move up to a moderate level of support.
At this level, you will have someone who works more closely with you, and who understands your business. They will be able to help you fully understand what your financial statements reveal about the financial health of your business.
This level of involvement will also see your accountant offering advice on where to invest, or whether you are in a suitable position to expand. They will be able to provide you with the information you need to make plans for the future of your business.
- Deep Involvement
If you are looking for this level of involvement from your accounting service, you will be receiving strong support that can have a sizable impact on your business. Your accountant will be using information gleaned from your financials to help you with long-term planning. Your accountant will also accommodate you with your preferred method of communication. Do you prefer a chat on the phone or perhaps a Zoom meeting? Your service will be tailored to your desires.
When your accountant is deeply involved in your business, they will be able to provide all the information you need on not only your current state but where your business is heading, pointing to opportunities on the horizon and providing the advice you need to make informed decisions. They will counsel you on topics that you may not have thought of yourself, such as whether your logo and other intellectual property require trademark protection, or which government grants you qualify for.
You will find that not all accounting firms are forthcoming about the various levels of service available, and you might find them eventually being turned away if they find your business too small. Better, then, to learn what you can about whether they have experience in your industry, they enjoy working with a business of your size, and their methods of working and communicating.
Finding the right match for your business can help keep you on the path to growth and the achievement of your goals.
For accounting support, reach out to BCJ Group today.