One of North America’s leading accounting firms, Bench Accounting, recently announced it would shutter operations, leaving thousands of businesses scrambling as they enter the New Year without financial guidance.
Whether you were a client of the now-defunct firm or are handling bookkeeping tasks on your own, starting the New Year without an accountant isn’t just risky—it could significantly impact your business growth potential and financial health. Here’s why.
The Risks of Not Having a Business Accountant
Missed Tax Deadlines & Penalties
Many business owners put off tax planning strategies until the filing deadline approaches. That last-minute scramble to gather receipts and reconcile accounts isn’t just stressful—it often leads to missed deductions, filing errors, and penalties or additional interest.
Our business accountants will help you file your taxes accurately and on time while uncovering commonly overlooked deductions that ensure you keep more of what you earn. Just as important, we’ll do it in a way that minimizes stress and reduces your financial risk.
Lackluster Cash Flow Management
“Why does my bank statement show a positive balance, yet I’m struggling to pay bills?” We hear this often. Many business owners mistake a healthy balance for solid cash flow. Unfortunately, timing is everything. Without business financial strategies, it’s easy to miss critical patterns—like when customer payments slow down, or multiple large expenses are due simultaneously.
Our business accountants will help you track payment patterns and better plan for expenses, creating predictable cash flow cycles. That reassurance ensures you feel confident about when to spend, when to save, and when to invest in growth.
Compliance Violations
If experience has taught us anything, it’s that tax laws and requirements will change. Unfortunately, most business owners do not have the time or expertise to decode complex reporting requirements. And failing to could mean costly penalties or, perhaps worse, triggering an audit.
At Profit Matters, we keep up with ever-changing regulations—so you don’t have to. By outsourcing to us, you get to do what you do best: focus on your core responsibilities instead of worrying about an IRS visit.
Lost Financial Insights For Q1
Entering the New Year without clear financial statements and audit-ready books is like driving across the country without GPS. You might eventually find your way, but you’ll waste loads of time and resources along the way.
Starting 2025 with messy books means making critical business decisions based on instinct, not hard numbers.
Our business accountants don’t just give you clean, audit-ready books. We give you the clear, easy-to-understand financial data you need to make smarter business decisions. That allows you to enter Q1 with confidence and clarity.
The Profit Matters Difference: Our Business Accounting Strategies
360-Degree Accounting
Unlike other firms, our business accounting strategies go beyond basic number crunching—far beyond. We deliver comprehensive financial support that grows with you. Whether you need catch-up accounting or CFO-level services to take you to the next growth stage, we’re here to help.
Specialized Healthcare Experience
Our team has deep healthcare industry experience across multiple disciplines, including dental, vision, audiology, and veterinary medicine. That means we understand your unique needs and challenges. From insurance reimbursement tracking to complex compliance requirements, we have the specialized knowledge to maximize profitability while keeping you financially healthy.
Virtual CFO Services
Many businesses need financial oversight. What they don’t need is the cost and commitment of hiring a full-time CFO. That’s where Profit Matters comes in.
Our CFOs will help you untangle complex financial data, improve cash flow, and give you the data-driven insights you need to make smarter business decisions.
Integrated Tax Planning
Our tax planning strategies don’t begin and end in April. Instead, we take a year-round approach to minimizing tax burdens. From timing major purchases to structuring revenue streams, we help you make wiser tax decisions throughout the year.
The end result? Your hard-earned stays where it belongs: in your hands, not the IRS’s.
Our Onboarding Process
Transitioning to a new accounting agency can be complex. But we’ve refined our onboarding process to ensure the process is smooth, painless, and, ultimately, profitable.
Here’s what to expect when you partner with Profit Matters:
- Complete Onboarding Form: This form gives us insights into your business structure, revenue streams, current accounting practices, and a general overview of your needs.
- Meet the Team: We believe in forging long-term partnerships, which means we want you to feel comfortable with us. We’ll schedule an initial consultation to introduce ourselves and discuss your goals.
- Grant/Receive Software Access: Next, our team will guide you through the process of safely sharing access to your accounting software.
- Provide Financial Access: We’ll help you link your bank, credit card, and loan accounts to ensure real-time financial monitoring.
- Initial Book Review: Next, we’ll compare your starting balance sheet to the last tax return and complete the tie-out process to ensure accuracy.
- Refine Processes: Our services are designed to flex with your needs. That’s why we’ll collaborate to understand current workflows, create improvements, and set clear expectations.
- Set up WorkSweet: Our system helps you manage recurring tasks and special requests, ensuring nothing is overlooked.
- Maintain: Once everything is set up, we’ll consistently monitor and manage your books to keep everything accurate and up-to-date.
Your Financial Success Story Starts Here
Ready to make 2025 your best year yet? Profit Matters can help. Whether you need catch-up accounting, tax planning, or strategic guidance to accelerate your business growth, our business accountants are here to help. Book a meeting today to get started!
