When starting a new business, new business owners often lament having limited funds and virtually no time for bookkeeping, HR tasks, and payroll, to name a few. Hiring a certified public accountant (CPA) may not be affordable in the early stages, but it’s well worth the investment if you’re looking to grow your business. 

If you cannot afford CPA services, here are some alternative options to consider. 

Delegate Wisely and Outsource Any Time-Consuming Activities

Business owners and entrepreneurs wear different hats: marketing, producing, selling, managing, and more. You’re already working 12-hour days and somehow need to find the time to do invoicing, bill paying, and taxes (deductions, reports, write-offs, etc.). 

How are you expected to keep up? You still need some time to eat, sleep, and run errands. In short, you can’t.

You need to outsource. 

Logistics aside, those 12—to 13-hour days will eventually lead to burnout, no matter how passionate you are about your business. Spending any time on bookkeeping and payroll tasks takes time away from the plethora of other tasks that you need to work on. 

To avoid burnout, outsource specific tasks to specialists, and don’t overburden your staff (especially leadership). Proper delegation helps retain motivated, hard-working employees so you can run a scalable business. 

Spread out your accounting tasks among you, your staff, and external vendors. 

First, see what you have time for, then delegate the remaining tasks to other team members or to a trusted freelancer. 

Consider outsourcing tasks to a third party instead of your staff.

Consider the following:

Prioritize the Financial Health of Your Business

If you’re doing accounting without the help of a CPA, you’ll need to consider numerous things. 

Proactive financial management. 

Be proactive and monitor the health of your business, everything from cash flow, cash on reserve, and overall growth. Dedicate some time each month to do solely this.

Set realistic quarterly and yearly goals. 

Set goals that include things like: 

  • Revenue targets 
  • Profit margins
  • Expense reduction objectives 
  • Future investment objectives 

Milestones serve as checkpoints. You can check your progress to ensure you’re headed in the right financial direction. 

Implement a sustainable plan for managing finances without a CPA. 

Don’t do it alone. Get your team involved. Create a sustainable system and process for managing your company’s finances. 

Your system should establish some routines for tracking income and expenses. Regularly review and update your financial plan with your team. Lean on user-friendly accounting software to do most of the heavy lifting. 

Let’s Recap: Best Accounting Strategies Without Using a CPA

  • Outsource specific accounting- and non-accounting-related tasks 
  • Spread out accounting tasks among key players, third-party vendors, and yourself 
  • Buy better bookkeeping software
  • Create a clear plan for how to handle accounting tasks without a CPA 

Hiring CPA Services Still Offers a Great ROI 

If time is money (and we all know it is), it’s well worth the investment of outsourcing your bookkeeping and payroll needs to a CPA firm for a monthly cost. 

The benefits of CPA services for your business include: 

  • Operational support 
  • Cash flow management 
  • Profitability analysis 
  • Basic accounting (sending invoices, maintaining payroll records, preparing bank reconciliations, etc.) 

Contact Abacus CPAs and Elevate Your Business’s Profitability

At Abacus CPAs, our accounting services department will help you develop a personalized plan for your bookkeeping, payroll, and cloud-based software systems. With more accurate, accessible financial reports, you’ll be able to make better business decisions to grow your enterprise. 

To learn more, please contact Abacus CPAs in Springfield, MO at 417-823-7171 or visit www.abacus.cpa. Better Guidance. Smarter Decisions.

Linda Locke