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As your small business evolves, your accounting needs can become complex and it is important that you are working with an accounting firm that has the experience and the knowledge to support your growth
Choosing a firm that specializes in medium size business accounting can be a very important decision. As your business has grown, you have come to depend on timely financial statements and ideally, your accounting firm is providing consulting on how to manage for growth.
As you grow it will be important to document all systems and processes, manage out complexity, streamline internal operations, insure there is continuity from one department to another, train your management team and staff members and more.
You will want your accounting firm to be closely involved in all of these aspects of growth because they have worked with other companies and can leverage those experiences for you.
Here are a few of the typical attributes of a Small to Medium Sized Business as identified by American Institute of CPA’s (AICPA) :
- The entity may be closely held and owner-managed.
- Owners and management have no intention of going public.
- Management and owners rely on financial statements to confirm their assessments of performance, cash flows, what they own and what they owe.
- Key users of the financial statements have direct access to management.
It has often been said that starting a business is easy, it is growing a business that is hard!
If your business is growing, please contact us to understand how we can help.
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