One of the most important things a business needs to find is an accounting service that can help them manage their money, whether it’s a large multi-million-dollar corporation or a startup. It’s crucial for every business to have an accounting service that will help them manage their finances.
However, accounting services are not one-size-fits-all. An accounting service that will work for a big business is not an accounting service that will work for a smaller business. So, what’s the difference?
We’ll be focusing on accounting services for small businesses to help you choose the best one for your company.
What is the difference between accounting services for small business vs. big business?
There are typically a variety of differences between accounting services for small business vs. big business.
1. Accuracy is crucial for small businesses. There is no room for error.
When it comes to accounting for a small business, accuracy is incredibly important to maintain. Small businesses typically do not have extra money for emergencies, so it can be incredibly difficult for a small business to recover from an accounting mistake. One simple mistake can be incredibly disastrous for a small business, because of their limited assets.
On the other hand, big businesses have more room for error and can recuperate quicker from accounting mistakes. They must also be aware of mistakes, but big businesses usually have the means to recover if something were to go wrong – something that small businesses lack.
2. It is difficult to acquire financing for smaller businesses
In most cases, smaller businesses have a lot more difficulty acquiring adequate financing. It can be harder for smaller businesses to get bank loans and investors to contribute, because it is extremely risky to fund a newer company. Big businesses typically have more assets, so they can recover quickly from accounting mistakes. Small businesses need accounting services that can help them manage their small assets accurately and precisely.
3. Small businesses typically require outsourcing
Small businesses typically rely on outsourcing their accounting needs. Why? This is simply due to the fact that small businesses may not have enough room for an in-house accounting team. Instead, they must rely on virtual accountants to do the work for them. Outsourcing their accounting service is a cost-efficient method for small businesses to save money on hiring a full accounting team.
Meanwhile, big businesses have the funds to hire a full staff of accountants that are ready to do the job for them. Check out our site to find out more about outsourced accounting and what it can do for small business.
What are the benefits of using a virtual accounting service for a small business?
Virtual accounting services are, in fact, extremely beneficial for small businesses. They are cost efficient, technologically advanced and make it easier to maintain accurate records and transactions.
1. Small businesses will be able to save a lot of money with virtual accounting.
A virtual accounting service is extremely cost efficient and is usually cheaper than hiring a full in-house accounting staff. A virtual accounting service does all of its business online, so there’s no need to make space for more staff members. Hiring costs are reduced, office space can be utilized for other things, and small businesses get the benefit of working with an online team of experts.
2. It’s easier to maintain accurate records and transactions
With virtual accounting services, small businesses are able to use the cloud to maintain accurate records and transactions. Businesses will be able to get real-time information about their business and will have a team on hand to help with any discrepancies. The cloud is also much more secure and contains methods for data recovery – in case of data loss. All of this accounting information can also be accessed from anywhere at any time.
How can Basis 365 help your small business?
Basis 365 offers a mobile friendly, streamlined, and paperless accounting experience. Basis 365 provides business owners the freedom to work on their business while allowing an expert team to do the accounting for them – through the cloud. A standby team is available 24/7 to help with any questions or discrepancies.
Basis 365 focuses on “outsourcing” and cloud-based technology, so that business owners can have access to their numbers anywhere and anytime. This accounting software will also create a specially customized service just for your business. Basis 365’s software is also stored in secure servers that can protect from data loss and theft. By using Basis 365, small businesses can eliminate hiring and training costs for new accountants.
Basis 365 is the outsourced accounting solution that every small business needs. To find out more, contact us for more information!