Top Outsourced Accounting Services for Start-ups in New York

The City of New York is well-known to the world for being the business hub. Any person related to finance will love to work on Wall Street. Starting any business in New York is always lucrative.

Distinct features of the city

New York has the third largest economy in the United States of America after Texas and California. Above all the city of New York is the single largest regional urban economy1 of the country. It is best known for its financial sector, port, and thriving technology sector too. Manhattan is the business hub of the city where one can start up any business and get inspired by the giants nearby.

Start-up Culture in the city

People starting up business in New York are energized, passionate and youthful. There are many giants in Wall Street that makes an entrepreneur get motivated. However, there are chances too that due to the extreme pressure for existence in the city business environment many business houses stop performing. However, those who are dedicated towards their business excel and the workaholic culture of the city help them to prosper.

There are a number of accounting services for start-ups available in the city who provides the best support in terms of accounting and book-keeping of any start up business.

What is outsourced accounting service?

Outsourced accounting solutions are the process of outsourcing the book keeping and accounting to another accounting firm who are expert in dealing with accounts. They manage and maintain the accounts of any firm with the help of accounting software for start-ups. Apart from that if the accounting services are not outsourced then the startup has to appoint an in-house book keeper or accountant. This is not only costly but will take the scarce resources of a startup.

With outsourced accounting solutions, it is possible to manage the accounting and maintenance of day to day book –keeping easily.

Accounting firms from the city

When considering an accounting firm who provides accounting services for start-ups the main characteristics that must be looked are managing accounting, taxes and general financial environment for any start-ups. Being the city of financial giants it homes to a large number of accounting firms who provide services to start ups.

Some of them are

  • Anchin, Block & Anchin
  • Margolin, Winer & Evens LLP
  • Baker Tilly Virchow Krause, LLP
  • Grassi & Co.
  • Friedman LLP
  • tempCFO Inc.

Hence, when starting up any business having an accounting software for start-ups is not enough. You will need assistance from the accounting firms to excel. These firms also provide tax planning and preparation services and CFO outsourcing services.

hire a cfo

This Is When You Need to Hire a CFO

As a startup it is natural that you will not appoint a CFO as during those early days it will be you who will be managing the role of a CFO. However, as you start growing a time will come when you will need a CFO to manage the financial affairs of your business. These are the situations when your business too may need a CFO. Maureen O’Connell, Scholastic’s CFO , briefly explains the when small business should hire a CFO in this video.

Growth

When your business is entering the growth phase you will need a CFO. Rather during such time the CFO will be an asset to your company. Your business will be going through situations when you need to take tough decisions. These decisions should not be taken just like that; they need to be based on analysis of data. A CFO can do that and help you take the right decision. Apart from that they can help you manage the balance between long term goal and short term goal so that you fulfill the short term ones to reach the long term goals. .

During your growth stage they will be the perfect man to strategize different policies that will help your business generate more revenue.

To handle complexities

While running the business there will be complexities and this is again where a CFO will be of great help. They can identify the efficient lots and help you improve your bottom line. One the bottom line of the business prospers you will find that your overall business too is prospering.

When it comes to managing the stakeholders it is quite a complex job. A CFO will be your ideal hand in managing them. Preparing the necessary reports of growth, understanding the areas that need development and working on them, analyzing your supply chain and making it cheaper, all these will be handles efficiently by a CFO.

To add experience

You must be happy with your existing team of management, but if you find that it lacks some experience then adding a CFO may help your business. They will be your help for data analytics, share their past experience to add in new values to your business.

Actually, there is no such pin point when you can say that yes, it’s time to hire a CFO. There can be many such situations faced by you while you run the business. A CFO can be the right decision if you want to add in experience, analytics and financial expertise at the same time.

 

Image Credits: Charles Aris