Outsourcing your accounting is a big decision, and finding the right solution can make all the difference for your small business. At Patrick Accounting, we’ve spent over 20 years helping business owners simplify their finances and plan for growth with our monthly accounting services.
But what exactly does that include?
It’s a comprehensive approach to managing your business finances—combining accounting, bookkeeping, tax, and advisory services into one package. With one trusted partner working alongside you throughout the year, you'll gain the clarity and insights needed to make informed decisions that drive profitability.
While we know the value of our service, we can acknowledge that we may not be the best solution for every small business. We know it’s important to compare all of your outsourced accounting options, including:
- Bookkeeping services
- Tax services
- Monthly accounting services
What Are Bookkeeping Services?
Bookkeeping is the foundation of your business’s financial health. It involves recording daily transactions, reconciling bank accounts, and keeping everything organized so you can make sense of your numbers.
Outsourced bookkeeping services benefit small businesses by taking this time-consuming grunt work off your plate. Many businesses turn to bookkeeping services when:
- The owner or administrative staff can’t keep up with the workload.
- There’s uncertainty about how to do it correctly (after all, if your bookkeeping is done wrong, then your taxes will be done wrong!)
However, many bookkeeping services stop at the basics. They don’t handle taxes, offer advice, or take a strategic approach to your finances. This means business owners often have to pair bookkeeping services with separate tax solutions or software, which can lead to:
- Increased difficulty when filing taxes.
- Potential errors in tax reporting.
- More time spent managing multiple providers.
Bookkeeping services can be a cost-effective option for smaller or newer businesses, but they’re often a limited solution that doesn’t grow with your needs.
What Are Tax Services?
Tax services focus on one specific task: preparing and filing your annual taxes.
Tax services are beneficial to small businesses that already have bookkeeping handled but struggle with doing their taxes (even with tax software). Maybe they aren’t confident in their work or they don’t know which credits or deductions to claim.
However, due to the limited timeframe of tax services, they can't offer a year-round complete tax strategy. They only meet with you annually to record the history of your priory year so they miss opportunities to minimize your tax liability or plan proactively for the future.
What Is Monthly Accounting?
This is our specialty at Patrick Accounting.
But what is it?
Monthly accounting services are like having a bookkeeping service, annual tax service, and consulting service all in one.
It’s far from a limited service, so it can cost a bit more than a bookkeeping service or a tax service alone. However, it’s much more bang for your buck with a lot of free perks, and there are lots of benefits of bundling these services under one roof.
What’s Included in Monthly Accounting?
Monthly accounting services work with you to achieve things that other services can’t: minimized taxes through year-round tax strategy and access to one-off advice paired with unparalleled customer service.
With monthly accounting, the following is included in your set monthly fee:
- Monthly bookkeeping, financial statements, and bank reconciliation
- Expert financial advice and help
- Year-round tax planning, projections, preparation, and filing
- Payroll support
How Does Monthly Accounting Help Your Business?
Monthly accounting provides you with opportunities to reduce tax liability to the minimum amount - an annual accountant can’t offer a complete tax strategy like this because they don’t work with you year-round!
On the advising side, your accountant uses your financial statements to help you maximize your earnings throughout the year.
- Are expenses inflated?
- Is revenue reducing?
- How do we pivot quickly if we see red flags?
They can even advise on exit strategies and growth opportunities for your business.
The Value of Monthly Accounting
With so many benefits rolled into one service, you might be wondering how the investment compares. Monthly accounting is essentially a bundled discount for bookkeeping, tax, and advising services. Instead of paying for each service separately, you get all three—and more—at a fixed monthly price.
For many businesses, the value is clear. If you’re already investing in bookkeeping and tax services, upgrading to monthly accounting doesn’t just save you money—it saves you time and stress.
Curious about the factors that determine your monthly price? Learn more about pricing here.
Who Should Consider Monthly Accounting?
Monthly accounting is ideal for businesses that are growing or looking to simplify their financial operations. Here are a few signs it might be right for you:
- You’re done juggling bookkeeping yourself or assigning it to an already busy team member.
- You’re tired of paying for separate bookkeeping and tax services and want a more efficient, cost-effective option.
- You value expert advice to help you make smarter decisions and achieve your business goals.
Ready to Build a Better Business?
At Patrick Accounting, we take pride in being more than just accountants. We’re your partners, invested in your success. Whether it’s reducing your tax burden, improving cash flow, or helping you achieve your growth goals, we’re here to make it happen.
Let’s find out if monthly accounting is the right fit for YOU!
Read more about Who is a Good Fit to Work with Patrick Accounting.
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