why key metrics
Wondering how to get the help you need for your back-office work and think it’s cost-prohibitive? Don’t Let These Fears Hold You Back!
Trust your gut. If you’re already thinking about needing more help with all your time-consuming, day-to-day, back-office work, then you’re ready to move on to a new way of doing things. Your relationship with your accounting firm is like an investment. Either it pays dividends, or it doesn’t. The performance you get should line up with the fees you are charged, otherwise the investment isn't a fair value. The sooner you find a better-value accounting investment, the better off you'll be. Packaged accounting services are the new model for accounting services and a much better investment for your dollars spent.
We have heard from many business owners that their relationship with their current accountant has them feeling overcharged for only some, (and not all), of the services they need. They don't feel like what they pay lines up with their expectations. Don’t settle for less than you need. The success of your business relies on timely and accurate bookkeeping, accounting, tax preparation and advisory services.
Here are just some reasons why someone should switch to packaged services, as well as concerns that may hold them back.
Reasons Why You Should Change to Packaged Services
There are a wide variety of accounting options available, all with varying levels of service to fit your unique business needs. Even if a business is in the same category, (i.e., a restaurant, a hardware store, a financial services company), that doesn’t mean that every restaurant, hardware store or financial services company needs exactly the same level of support services. That’s why packaged services are customizable, giving you your must-haves and options to add wish-list items now or later, whenever you feel the time is right.
In the past, you may have decided to employ individuals you hired directly or engaged an accounting firm to do your back-office work. That doesn’t mean you should ignore a poor working relationship and be stuck with an individual or firm that doesn’t give you what you need. Embrace how stepping out of your comfort zone might benefit you by strengthening your business and give you back time spent putting out fires.
Business owners who are looking to make a change in their accounting solution tend to feel that their current staff or accountant has one or all of the following tendencies:
- Their communication is lacking.
You ask for things to be done and need to follow-up to ensure that it was completed, properly. You may only hear from your Accountant during tax season and find that they are not responsive to your emails and phone calls. You find that answers to your questions are not answered fully, if at all.
You should have unlimited communication with your accountant at no extra cost to you! If you aren't able to communicate with your accountant, then all they are able to do for you is prepare and file your taxes. Although all businesses need an accountant to perform those tasks, we offer much greater value to our clients with the packaged services we offer, eliminating hourly billing.
In-house staff may not have the knowledge or desire to be proactive about your business. They may only do the bare minimum needed to get by, if they have the knowledge to do the work needed in the first place. You may feel like you’re a hostage to your staff because only they have knowledge needed to complete the back-office tasks that keep your business on track. You feel stuck dealing with back-office staff personality issues or the recurring personal problems of employees. These are all incredibly time-consuming and take you away from running your business and having the time you deserve for yourself.
- They use accounting lingo that is confusing.
What is the point of working with someone who talks down to you? Your accountant should be able to speak in plain language or shed light on terms and topics that you're not familiar with without making you feel like they’re doing you a favor. An accountant who refuses to share information with you makes it difficult to gauge just how much they're actually doing to help you with what you need.
- They make your business feel like “small potatoes” compared to their other clients.
The size of your business should not negatively influence the amount of communication or attention you receive. A quality accounting service should be able to recognize the importance of each business and dedicate time needed to help them to succeed.
These are all valid reasons to find a new way of running your back-office with someone who is receptive to your needs, fosters open communication, treats your business as their own, and takes the initiative with suggestions to steady the ship and help you look forward to get to the next level you need to get to in order to continue to thrive.
Fears that Disrupt Business Growth
People tend to fear change; that’s understandable. However, fear of change shouldn’t hold back your small business. If you’re thinking about switching accounting firms, do you have any of the following fears?
- What if I’m making the wrong decision?
What's a "wrong decision"? You may worry that no matter what is unsatisfactory (or even bad) about your current situation, there could be something even worse in a different solution. Maybe you're even concerned that you would switch to an accounting solution that costs more but does not provide more value to make up for it.
The mere fact that you’re considering a switch should put this fear to bed. The wrong decision would be to remain complacent with your existing accounting situation. Maybe you’ve outgrown your accounting firm, need more than annual services, or simply need to shift to one with more experience in your industry.
Are you unsure if you'd be a good match for an accounting solution? See if you're the right fit to work with Key Metrics, LLC., providing Bookkeeping, Accounting, Payroll & Advisory Services.
- I’ve got too much going on right now.
If this is your concern, it typically means that you do most or all of the operations for your company and don't want to have to take the time to go through an onboarding process with a new accounting solution. Maybe you're also concerned that it would take you longer to learn about new processes month over month.
If you are waiting for the right time to make the change, it will never happen. As a business owner, you will always be busy. However, once you make the switch, you may find that the process was easier than expected, but assuredly, you’ll feel confident that once completed, it was the right and best decision you could have made.
Key Metrics, LLC. provides clear information at our initial strategy meeting on what to expect, how we will help you to prepare and execute the necessary changes. You’ll also get a clear understanding of what we do for you in the services we provide and your responsibilities allowing us to do them. After we meet, you will see that we won't take up too much of your time with our simple onboarding process.
- I don’t want a new accountant to know that my books are a mess, or my taxes have fallen behind.When you'rerunning a business, some stuff can slip down your to-do list. It can feel a little bit embarrassing to have to explain this to a new accountant, but we know that these things happen! Don’t let this fear stop you from establishing an open and honest line of communication. We’re here to help you, not embarrass you.
The best accounting firms should feel like an extension of your business and burying messy records or past accounting problems is never the way to get ahead. If you work with Key Metrics, LLC., your route to clean, concise books and tax returns will be a short one.
- I can’t afford a different level of service.
Monthly accounting services provide substantially more value than only an annual service. While monthly accounting has a higher outgoing cost, it also has much higher returns. If an accountant only sees your numbers once a year, it is too late to offer advice that would have helped to make that year more profitable - and definitely too late to lower your tax liability for a year that is already wrapped up.
If you've been handling your accounting in-house, you're also not getting the expert level of advice that a monthly accountant can provide you. Plus, you're more profitable when you're doing the work where your expertise lies, instead of spending extra time trying to figure out accounting. That’s our strength.
Not to mention, Key Metrics, LLC. has transparent pricing, so you know what you're walking into. No added fees, no surprises. Full disclosure that will make you feel confident that you’ve made the only right choice.
Make a Proactive Decision to Switch
The decision to switch to packaged accounting services for your business should not be taken lightly. However, the process of handing over the accounting activities to us isn’t as difficult as you may think. Many of Key Metrics, LLC.'s clients find a sense of relief after the change has been made and express the feeling that they should have made the commitment sooner.
Remember, there isn’t a perfect time to make a switch, but if you’re already thinking about making a change, it’s probably a good indication that you should trust your instincts.
Wondering if switching to Key Metrics, LLC. monthly services is the right choice for your business? Give us a call and find out what a relief making the change can do for you and your business.