Do you spend your Saturdays working on spreadsheets, or are you outgrowing your current accounting system? Then, this could be the right time to outsource your accounting. But, how can you know for sure whether to do it now, or wait until the beginning or the end of the fiscal year?
Regardless of what’s driving you to outsource your accounting, there are a few factors you must take into account during this transition. Here are a few times that are ideal to start outsourcing your accounting.
- The beginning of your fiscal year: Whether your business uses the calendar year or an alternative fiscal year, the twelve-month period is a reflection of your annual cycle as mentioned before. The beginning of the year is a time when many organizations add new systems they’ve been considering for a while, or replace old ones that aren’t working out. The beginning of the fiscal year is also ideal because it means beginning a new year with a truly clean slate.
- The end of your fiscal year: On the opposite side of the spectrum, switching accounting solutions as your year comes to a close isn’t necessarily a bad option either. While it may be too late for your accountant to help you correct some of your missteps from the current year, this will give them an entire year of financial activity to analyze and build out forecasted budgets for the following year.
- After filing your taxes: Right after you file your taxes, your financials should already be fresh in your mind, so this could be the perfect opportunity to share that information with a new accounting partner. In addition, having your most recent tax returns on hand provides a complete picture of your finances. With that picture, an expert can familiarize themselves with the financial and operational aspects of your company quickly and efficiently.
- Before filing next year’s taxes: Ultimately, it is in your business’s best interest to have all the accounting resources on deck as you can before tax season sets in. Just think about how much you’ll be able to save when you have an expert planner on your side.
Whether it’s at the beginning or end of your fiscal year, as soon as a few of weeks after your last filing or a couple of months before the next, bringing on an accounting expert in between this year’s and next year’s tax seasons will have a noticeable impact. Time is of the essence so the sooner you have a good outsourced accounting provider on your side, the sooner you will start to save time and money and have clean financials to rely on.
Looking to outsource your accounting? If you need help managing any aspect of your business’s or nonprofit’s finances, we want to hear from you. Call us at (301) 913-0008 or email email@example.com to make an appointment.