When you are a small business owner, there’s rarely enough time for everything that you need to do. While it might be tempting to try and save money by doing your books on your own or sending it out to an independent local bookkeeper, there are major advantages to sending your receipts to a firm that specializes in accounting for small business.

Having access to timely and accurate financial information will make your business run more smoothly and you will ultimately be more successful. Hiring a highly regarded professional firm with a specialty in accounting for small business will give you access to accurate financial data whenever and wherever you need it.

The firm you choose to do your accounting for small business should be up to date on modern technology, including cloud-based accounting systems. Cloud technology involves the storage of information on highly secure remote servers that can be accessed with any Internet connection or web browser on computers, tablets or smartphones. This not only gives you an instant connection to your financial data no matter where you are, but also reduces costs by getting rid of the need to host, support and maintains on-site software – as well as reducing paper consumption in your office.

Adapting your office and staff to cloud technology can take time and you will need advice from experts along the way. The accounting for small business firm that you choose should be ready and willing to train your staff to use the new system and provide support along the way so the transition goes smoothly and your financial data remains accurate, up-to-date and secure.

When it comes down to the nuts and bolts of accounting for small business, the firm you hire should also provide a full range of professional services, including: financial statements tailored to industry-specific standards; accurate billings and accounts receivable aging that enhances cash collection management; accounts payable bills approved at specific times to help manage cash balances; cash flow analysis and management; payroll and related tax filing; account reconciliations and general ledger maintenance.

Having all of the above in place for your accounting for small business system will place your business well to compete in your market and be more sustainable. You will see more operational efficiency due to financial budgeting and reports that can be used for making future business decisions and cost analyses that allow you to reduce operating costs. And a comprehensive business analysis will allow you to compare your performance to industry standards and understand your position relative to your competition. Having sound financial records in place will let your business be audit-ready and cut costs for independent audits if required.

The bottom line is that having a professional firm do your accounting for small business will be better for your bottom line. Having your financial house in order will ultimately improve the health of your business and make it more sustainable in the future.