When is it time to hire an accountant?Brian Jang ON October 3, 2016
Entrepreneurs are multi-taskers, taking a DIY approach whenever they can. Why pay for something when you can complete the task yourself? So, it makes sense that many small business owners are reluctant to hire an accountant. But if spending time on your accounting is taking you away from working on your business, you’ll probably want some financial help. Here are just some of the ways you’ll know when to hire a small business accountant.
What is an accountant and what do they do?
If you think an accountant is only useful for filing your taxes, think again. Accountants are experts at analyzing your financial situation, providing helpful advice at various stages of your company’s growth. If you need help writing up a business plan, understanding your company’s legal structure, applying for loans, and getting through a government audit, working with an accountant can be the catalyst that makes your business thrive.
If you are having difficulty staying organized
When you are starting out, it’s fairly easy to stay on top your accounting—you’re not making much money, you’ve got more free time, and you can comfortably juggle what you have on your plate. But as your workload increases and your business starts to generate more revenue, it’s going to be a challenge to stay organised. If you are starting to feel overwhelmed, an accountant will help take the financial details off your shoulders, allowing you the time to produce more sales.
When an accountant will save you more than the cost
Once you have an idea of the average cost of accounting services for a small business, determine how much money they might save you. If a professional will save you more than the cost, then hiring an accountant for personal finances is a no-brainer.
Getting an accountant to handle a time-consuming process like taxes is probably going to cost you less per hour than what it would to pay yourself. You’ll not only make better use of your time, allowing you to increase your business revenue, but also rest easy knowing that a professional is there for you every step of the way.
If you have had enough
Managing all the finances on your own can be a frustrating, tedious process that is better left to a professional accountant. And let’s be honest, unless you are in the financial services industry, chances are you are not an accounting whiz. Besides, as accounting and tax planning gets more and more complicated, there is a good chance you might miss something, costing you huge down the road.
Is your business going to make it without enlisting the help of an accountant? Possibly. But the added insight, advice, and know-how a professional brings to the table could be the key to your company’s success.
For the guidance and expertise only a professional accountant can offer, contact BCJ Group, Chartered Professional Accountants today!