Small and medium sized businesses are usually at a crossroads when it comes to their bookkeeping and accounting, especially if they’re growing. “Should we hire a Controller or should we try to do it ourselves?”
There’s a third option that gets frequently overlooked: outsourced accounting services.
Outsourced accounting didn’t really exist ten years ago, but small businesses are turning to full-service outsourced accounting firms more often to increase efficiency, add professionalism and save time and money.
Most business owners assume that having an in-house bookkeeper, Controller, or CFO who can pay bills, run payroll and manage company finances is the best scenario for their business. They believe having a person down the hall will ensure they have a clear view of the company’s financial position, but this isn’t always the best solution.
In this post, we’ll explain why having access to greater financial expertise can be game-changing for small businesses looking to grow.
OUTSOURCED ACCOUNTING VS HIRING IN-HOUSE: WHAT BUSINESS OWNERS SHOULD KNOW
Small and medium sized businesses are usually at a crossroads when it comes to their bookkeeping and accounting, especially if they’re growing. “Should we hire a Controller or should we try to do it ourselves?”
There’s a third option that gets frequently overlooked: outsourced accounting services.
Outsourced accounting didn’t really exist ten years ago, but small businesses are turning to full-service outsourced accounting firms more often to increase efficiency, add professionalism and save time and money.
Most business owners assume that having an in-house bookkeeper, Controller, or CFO who can pay bills, run payroll and manage company finances is the best scenario for their business. They believe having a person down the hall will ensure they have a clear view of the company’s financial position, but this isn’t always the best solution.
In this post, we’ll explain why having access to greater financial expertise can be game-changing for small businesses looking to grow.
Cash Flow Forecasting Software: An In-Depth Exploration
This guide helps you better understand cash flow forecasting software and its benefits, limitations, and how it can help you elevate your cash flow forecasting capabilities.
Financial Consolidation Explained
Understanding financial consolidation helps you maintain accuracy, compliance, and efficiency in your financial reporting.
Statement of Operations vs Income Statement
Read below for a clear explanation of an income statement vs. a statement of operations.
Operating Working Capital: A Comprehensive Guide
As a business owner, you need a clear understanding of working capital and how it applies to your company’s financial situation. We’re here to explain everything you need to know about this key financial metric and its helpful applications for your company.
Understanding What an Exit Plan Is & Its Importance
What is an exit plan? It’s a question any business owner should be able to answer. Below is a quick and simple definition.
Most Important Financial Ratios: Your Guide & Insights
Navigating the complex world of business finance requires a deep understanding of financial ratios. These ratios serve as vital indicators, providing insights into various aspects of a company’s financial health and performance.
How Is Free Cash Flow Calculated?
This detailed guide teaches you everything you need to know about a specific form of cash flow — Free Cash Flow (FCF). Read below for a helpful definition, tips for financial stability, and more.
Understanding Financial Analysis: Your Guide to Mastery and TGG’s Expertise
Financial analysis delves into a company’s viability, stability, and profitability. The process is something like a health check-up for businesses — you examine your company’s financial statements the way a doctor looks at vital signs.
How to Improve Cash Flow: What You Should Know
In this detailed guide, we’ll show you how to improve cash flow and get you acquainted with our unique strategy for maximizing your long-term profits and keeping your business stable and healthy.
Understanding What Cash Flow Is: A Comprehensive Guide with TGG
Running a business and handling company finances can be a challenge, but knowing how to measure, predict, and modify your cash flow makes your work easier. In this guide, we’ll answer common questions about cash flow, show you why it matters for your business, and help you accurately predict yours.
Cash Flow Forecasting Models: What To Know
Read below to learn everything you need to know about accurately predicting your cash flow and how our expertise in business finance consulting can be a game-changing asset for your business.
TGG Client Spotlight: RMS
RMS is one of our favorite long-term clients. We’re consistently impressed by their team and the way they’re changing their industry.
Notes From the CEO: The Banking Crisis
TGG’s CEO, Matt, weighed in on the current situation and offered some helpful advice for any company in any industry.
Benefits of Hiring an Accounting Manager For Your Business
Discover the significant benefits of hiring an Accounting Manager for your business. Learn how TGG Accounting’s outsourced services can drive growth and profitability.
How To Hire an Accounting Manager
Discover how to hire an Accounting Manager for your business. Learn the benefits of outsourcing this vital role to TGG Accounting for financial success.
Benefits of Hiring a Director of Finance
Discover how a Finance Director can benefit your business with strategic insights, risk management, and growth planning. Explore TGG’s outsourced solutions.
When Do You Need a Financial Controller for Your Business?
Find out when to hire a financial controller for your business. Learn about the benefits of having a financial expert on board to manage finances, reduce risk & achieve business goals.
How to Hire a Financial Controller: A Comprehensive Guide
Discover expert tips for hiring a financial controller. Find the right fit for your business with our help at TGG Accounting.
Understanding the Benefits of Hiring a CFO for Your Business
Maximize profits, minimize risk & make informed financial decisions. Learn how a CFO can benefit your business & take it to the next level.
Understanding Accountant Pricing & Fees: How Much Does Hiring an Accountant Cost?
How much an accountant costs can vary depending on the type of work and your business’s needs. Learn more about the cost to hire an accountant with TGG.
Things To Consider and What To Look For When Hiring an Accounting Company
The right accounting company will improve your business outcomes and lead to greater success. Here’s what to look for when hiring an accounting company.
What Your Financial Statements Should be Telling You
For many small business owners, accounting is like a foreign language. Good accountants are the effective translators between business leadership teams and your financial data. Your financials are not just a report card on the health of your business, but a communication & accountability tool. At TGG, our goal is to be your partner and translate the financial data in a clear, concise and meaningful way that allows you to reach your goals.
Client Spotlight: Evolution Nutrition
Evolution Nutrition provides meal planning software for fitness pros. As you’ll read below, they are committed to helping businesses and communities achieve their goals, through nutrition. With their custom meal planning and monitoring program, we wanted to learn more about Evolution Nutrition and shine our Client Spotlight on them! Check out our Q&A with their Founder, Jeff Boyes!
How to Build Your Cannabis Accounting Department for Successful Tax Compliance
Taxes and reporting compliance can either be a source of stress or comfort for cannabis business owners. From Income Tax and 280(e) to Cultivation (ending 6/30/22), excise, sales taxes and 8300 reporting, there are many hoops to jump through to keep the State, Uncle Sam (and investors) happy. Business owners in the space can help themselves by surrounding themselves with a team of experts to put these strategies in place.
TGG Team Member Spotlight: Kate Fiorucci
We are very excited to spotlight our Human Resources Manager, Kate Fiorucci this month! Kate is not only passionate and deeply invested in HR, but our TGG team members as well. Keep reading to learn more her perception of HR, how it’s evolving in the workplace, and where she believes it’s heading in the future.
Client Spotlight: Alternative Telecom Solutions
Alternative Telecom Solutions (ATS) provides old fashioned service in a high tech world. They are a family-owned company serving the wireless telecommunications industry by sourcing inventory from the top manufacturers and suppliers. Their inventory specifically reflects the demands of wireless infrastructure from antennas to heat shrink, and everything in-between. With their focus on customer service, we wanted to find out more about ATS so we’re excited to shine our Client Spotlight on them! Check out our Q&A with their CEO, Anthony Magro!
7 Ways to Prepare Your Business for a Recession
According to the latest inflation report released by the Bureau of Labor Statistics, inflation soared 9.1% in June 2022. While inflation is showing little signs of slowing down, it’s becoming increasingly likely that the United States is heading for a recession, if not already in one. So how do you prepare your business for a recession so you can weather the storm and maintain your profitability? We asked our team and here is our list of what you can do right now to protect your business.
TGG Team Member Spotlight: Eric Carter
We are excited to spotlight our Director of Product, Eric Carter! He’s the one working behind the scenes at TGG to develop TGG HUB and make sure everything runs seamlessly. Check out our Q&A with Eric!
The Top 3 Mistakes Business Owners Make with Inflation
In a time of high inflation, there are three common mistakes that business owners make according to TGG Founder & CEO, Matt Garret. Are you making them in your business?