No. If you currently have a full time Accountant and/or a CPA, chances are you are not maximizing the benefits you receive against the cost they represent. Think about it. If you have a trained Accountant that knows your business by heart – wouldn’t it be a good move to turn that knowledge into income generating activities and more useful projects, like improving controls, negotiating with vendors, analyzing data trends to get new business or re-financing your loans. By contracting our services, your Accountant, currently representing an overhead cost, will have “available” time that can be used in more productive ways. He (she) will stop printing checks, generating financials,reconciling accounts or processing the same payroll checks, while still serving as our principal liaison and supervising and reviewing our work. Not only will you benefit from his (her) valuable knowledge, but also he (she) will be more motivated and interested in the overall company’s performance. On the other hand, if you have Accountants processing and mailing checks, reconciling bank statements and processing payroll, there is an opportunity to reduce your costs.
The same rationale applies to your current CPA, if any. CPAs in general will bill you by the hour. Since all your records will be organized for your tax returns, audit, review or compilation at years-end, your CPA can focus more time on consulting services and value added suggestions for improvement. The better your records are organized, the less time your CPA will spend reviewing them, which ultimately translates into lower costs for you. In fact, you can even get him a User ID, so that he can review your information on-line.