If you've ever considered if hiring an accounting service might be right for you, here are some things you need to think about when making your decision.

As a small-business owner, juggling the practice of massage with the details of doing business is sometimes overwhelming. There are very good reasons for massage therapists to outsource business activities like accounting, from needing someone to help you strategically plan for your financial future to wanting more time to focus on what you know and do best—massage.

Following are a few tips from the U.S. Chamber of Commerce to help you decide if outsourcing your accounting services is something you should seriously consider.

What Kind of Accounting Services Do You Need?

Knowing what services might work best for your individual circumstances will depend on what you need.

A bookkeeper can help you get and stay organized, specifically your financial records. This person may input data into your accounting software or general ledgers, and they may reconcile business banking statements and record payments.

If you need someone who can prepare taxes or make quarterly payments, file extensions or handle IRS audits, you’ll want to look at hiring a CPA or tax accountant.

For a broad but more in-depth understanding of your practice and the health of your business, consider hiring a financial planner. This person will be able to manage financial statements like your balance sheets, cash flow, income statements, and profit and loss statements.

5 Questions to Ask Yourself When Outsourcing Accounting Services

Do you need to find someone local or are you comfortable working virtually? In today's environment, more business is being done remotely. But, that's not for everyone. Take some time to consider what will work best for you and your practice.

Do the people doing your accounting/financial work need to understand the massage profession? Is there anything about your practice that would benefit from an accounting or financial professional who understands the massage profession? If so, you should consider looking for someone who has experience working with other massage therapists. Perhaps you ask a colleague for a referral? Or, if you there is someone in a complementary field in your area, like a yoga studio or chiropractor’s office, ask them who they use.

Do you have existing accounting tools that are going to need to integrate with your outsourced services? How do you bill your clients? Do you use a practice management software that includes payment? Think of any software programs or other tools that an accounting professional will need to be familiar with before reaching out.

Are you looking for year-round service or focused, end-of-year tax management services? Maybe you only really need some help around tax time, or maybe you would like to meet with someone quarterly to help you develop and regularly review your larger financial goals. These will require different approaches, so this about what you want and need because that will dictate what kind of professional is best suited.

Can a contractor do the work or do you need a team of professionals? Again, the answer to this question might come down to the larger goals you have for your practice. If you handle the broad picture financial planning and just need someone to help you get the most from any tax deductions you qualify for every year, you might only need one person you can contract with yearly. If, however, you really want to focus on your clients and marketing and leave activities like billing, financial planning and taxes to someone else, looking at bigger firms where you may have access to a team of people could be the right choice.

Need More Information on the Business of Massage Therapy?

Massage therapists talk about opening a massage practice during COVID-19

Boosting your massage therapy business on a budget

The information contained in this article is meant to provide practitioners involved in massage therapy services with information about accounting services. This work does not represent tax or accounting advice.