According to Small Business Report, many small businesses outsource one or more accounting functions. For example, 71% outsource Tax Preparation, 50% outsource payroll, 48% outsource audits, 30% outsource Tax Planning, etc. This isn’t surprising as accounting is a large field that requires both technical and regulatory knowledge.
Our report shows that more than 60% of accountants surveyed offer strategic advisory services, 26% offer outsourced/virtual CFO services, and nearly 25% offer cash flow analysis.
For this reason, financial advisory services are becoming more prevalent. Sometimes asking a professional about a unique or difficult financial scenario can save considerable time and money.