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How to Get Professional Guidance for Your SMB on a Budget
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When it comes to budgeting, bookkeeping, tax preparation and financial planning, having professional guidance can make a huge difference for small businesses. However, hiring financial experts such as accountants and bookkeepers can be expensive. This drawback makes it difficult for small businesses with limited budgets to access professional support.
Fortunately, there are cost-effective ways to get expert financial guidance without breaking the bank. In this article, we’ll explore the benefits of working with financial professionals. We’ll also touch on the typical costs associated with their services and alternative, budget-friendly options.
Why professionals are valuable for small businesses
Hiring professionals, especially financial experts — such as financial advisors, accountants and bookkeepers — can bring significant benefits to a small business. Their expertise goes beyond just crunching numbers; they provide essential financial guidance that’ll help businesses grow and avoid costly mistakes.
- Expertise: Professionals have years of training and experience in handling business finances. They understand the intricacies of tax codes, bookkeeping and financial statements. This knowledge ensures your business stays compliant and financially healthy.
- Advice: A financial expert can help you develop strategies to maximize profits, minimize expenses and create sustainable growth plans. Whether it’s optimizing cash flow, reducing tax liability or making smart investment decisions, their insights can help set your business up for long-term success.
- Software support: Financial professionals don’t just have knowledge, they also have the tools and software to efficiently manage business finances. They know how to use accounting software, tax preparation programs and financial modeling tools that can save businesses time and money.
- Awareness of trends and regulations: Tax laws and financial regulations are constantly changing. Professionals stay updated on new tax credits, deductions and compliance requirements; this practice ensures that small businesses don’t face unexpected penalties or miss out on financial opportunities.
- Time savings and focus on core business activities: Managing finances can be time-consuming, especially for small business owners juggling multiple responsibilities. By outsourcing financial tasks to an expert, business owners can focus on their core operations — such as marketing, product development and customer service — without worrying about bookkeeping or tax filings.
What do professionals cost?
The cost of hiring financial professionals varies based on experience, location and the level of service provided. Here’s a breakdown of the average costs:
- Accountant: Typically, accountant rates range between $50 to $400 per hour, $500 to $2,000 per month or $1,000 to $5,000 annually.
- Bookkeeper: Hiring a bookkeeper will normally cost $25 to $100 per hour or $200 to $2,500 for a monthly retainer. Bookkeepers might instead charge a flat fee or a percentage of your revenue, which typically ranges from 1 to 3 percent.
- Financial advisor: You’ll pay anywhere from $150 to $400 hourly, or a fixed annual rate between $1,000 to $7,500. Or, you may be able to choose to pay a 3 to 6 percent commission.
For small businesses operating on tight budgets, these costs can be prohibitive and add up faster than expected. Fortunately, there are cost-effective alternatives that won’t take as much from your revenue.
Cost-effective alternatives to hiring professionals
We know professionals are valuable. So, what can you do if you can’t afford these conventional pros? If hiring the right accountant, bookkeeper or financial advisor isn’t an option, there are other ways to access professional guidance without overspending.
1. QuickBooks Live expert features
One of the best budget-friendly solutions for small businesses is QuickBooks Live. This service provides expert bookkeeping assistance at a fraction of the cost of hiring a full-time professional.
QuickBooks Live offers different tiers of service:
- Assisted: For businesses that need guidance and help understanding financial reports, QuickBooks Live Expert Assisted offers one-on-one guidance. You’ll get access to tax preparation, bookkeeping automation, bill management, banking with three percent APY and more. QuickBooks Live Expert Assisted costs $35 to $235 per month depending on the selected plan. Or, if your business uses QuickBooks already, simply add the Assisted tier for an extra $50 a month.
- Cleanup: This option is ideal for businesses that have fallen behind on bookkeeping and need professional assistance to get their financial records back in order. While the $800-per-month starting price might sound steep, cleaning all of your financial books with guaranteed accuracy provides peace of mind. These experts provide profit-and-loss information, balance sheet statements, trial balance and general ledgers with a reports package, and review with a bookkeeper.
- Full-Service: A comprehensive option where QuickBooks experts manage bookkeeping tasks on an ongoing basis, ensuring accuracy and compliance. Businesses will be provided with their past financials brought up-to-date, a personalized setup with their very own bookkeeper, and organized and up-to-date financials. You’d also get updated profit-and-loss information, balance sheets, detailed business reports, virtual support and preparation for tax time. For ongoing full-service support, you’ll get quoted starting at $300 per month.
By using QuickBooks Live, small business owners can access professional bookkeeping services at a rate jam-packed with benefits. This reduces the risk of costly financial errors while staying within budget. [Read our QuickBooks review here.]
2. Free and low-cost financial education
If hiring financial professionals isn’t feasible, consider improving your financial literacy through these resources:
- Webinars and online courses: Platforms like BizLaunch, National Federation of Independent Business, Coursera, Udemy and LinkedIn Learning offer courses that prepare you for accounting, budgeting and tax management.
- SBA resources: The U.S. Small Business Administration (SBA) offers free and low-cost online courses and webinars; they cover topics like management and growing your business. The SBA also hosts virtual and in-person events throughout the year to help businesses grasp useful skills and networking opportunities.
- Local business development centers: Many cities might hold different events, such as business courses and legal services for small businesses, including the City of New York. You can even check out your local community colleges for courses.
3. Industry conferences and networking events
Attend industry events, like Small Business Expo. They can help small business owners connect with financial professionals and gain valuable insights. Many conferences like The Business Show, America’s SBDC Conference and National Small Business Conference offer:
- Panel discussions: Get direct advice from accountants, financial advisors and business consultants. You’ll be able to attend keynote speaker events and have the chance to ask questions during expert Q&A sessions.
- Workshop and breakout consulting sessions: Some events provide hands-on guidance in smaller-group-sized sessions to focus on specific topics.
- Networking opportunities: Meet professionals who might offer discounted services or consulting for startups. You’ll be able to exchange ideas and create connections to grow your network.
4. Online communities and forums
Free online communities can provide useful advice and resources, including:
- SCORE mentoring: This free resource connects U.S.-based small business owners with experienced financial mentors for one-on-one guidance.
- Reddit’s r/smallbusiness: This can be a great place to ask financial questions and receive insights from experienced entrepreneurs. But, be careful because anyone can create a Reddit account. So, even though it’s free, you might want to consider paying for an expert.
- Facebook and LinkedIn groups: Many focused groups have business consultants willing to share advice. While these might provide a more professional setting than Reddit, further researching any advice you receive would be a smart option.
5. Financial software and AI-powered tools
Many software solutions can help small businesses manage finances without professional assistance. Some of the best tools include:
- Budgeting and expense-tracking apps: Apps like Mint and YNAB (You Need A Budget) help track expenses, set financial goals and offer customization.
- Tax preparation software: Platforms simplify the tax-filing process by automatically calculating taxes and keeping your business compliant with the IRS.
- AI-powered financial advisors: AI and automation tools can identify trends and patterns while providing data analysis, client services and risk management.
Expert financial guidance on a budget
Hiring full-time accountants and bookkeepers can be expensive, but small business owners don’t have to go without professional financial guidance.
Services like QuickBooks provide expert bookkeeping assistance at an affordable price; free resources like online courses, conferences and community forums offer valuable financial knowledge. By leveraging these cost-effective solutions, small businesses can make informed financial decisions without overspending — setting the foundation for long-term success.