In 2016, small businesses in Tennessee accounted for 96.8% of businesses in the state, making the sector a major contributor to the rising growth and employment rates in the region. More recently, Nashville in particular has taken the lead on this economic high streak for small businesses, garnering a perfect score on business optimism and topping the nationwide chart for small business health.
As a small business owner in the city, this should be music to your ears. It should also herald a time where all your decisions must position you for maximizing the success and growth projected for your business sector. To do this, it helps if you have a CPA firm by your side.
Having an expert in charge of your tax preparation, bookkeeping, payroll, and other business functions is only the beginning. Your partnership with a CPA firm also has the following benefits:
Employing a full-time in-house accounting team comes with costs that you may not be ready for at this stage. Outsourcing accounting duties to another firm allows you to free up some of these costs and divert the funds to revenue-generating activities necessary for your business’ growth. The services provided by a CPA firm can also translate into additional savings down the line because you don’t have to worry about expenses related to labor management, training, upskilling, and employee replacement, among others.
A business that tries to do too much on its own—especially when there are limitations dictated by its size—ends up spending a lot of resources on business functions that don’t directly influence operational growth. Partnering with a CPA firm will let you focus your time and effort on your core business, which can prove to be a wise move at this point when you have to capitalize on the vast potential in your business sector.
Navigating your way to success becomes much easier when you have a roadmap, especially when it comes to your finances. A CPA firm can assess your financial history and give advice on how to move forward, as well as help identify risks and opportunities for your company.
All signs point to an even brighter future for small businesses in Nashville. However, you will need to work hard to turn this positive forecast into your pleasant reality. It may all come down to choosing the right partners in this journey, so choose someone who is willing to work as hard as you to make sure you reach your business goals.
2016 Small Business Profiles for the States and Territories (Tennessee), MBDA.gov
Nashville’s Small-Business Owners Lead Nation in Optimism, Tennessean.com
5 Things Small Businesses Should Outsource, Entrepreneur.com
The Benefits of Outsourcing for Small Businesses, AllBusiness.com
Small Business Owners: Think of Freelance CPAs as Your ‘CFO on Demand’, LinkedIn.com