Does my Business Really Need a Full-Time Accountant?
Building a new business from the ground up is a daunting task — but it can be done, especially when you have the right people around you. Perhaps you’re taking the first steps toward creating your own company. Maybe you already have a successful business.
Either way, accounting can be one of those daunting tasks that makes you stressed out whenever you think about it. Many people feel the urge to hire a full-time accountant right from the start — but this isn’t always necessary. In fact, hiring a reliable independent accountant can often give you the same results and be easier on your budget.
Here are some key areas in which an accounting specialist can often be more desirable than a full-time accountant.
Drawing up a business plan
New business owners usually complete this step before the business even opens. If you consult the wisdom of an accounting specialist during this phase, you will receive both important financial advice and tips regarding the long-term success of your business. A full-time accountant may not be willing to work with you until after you are an official business — and the cost to your fledgling operation will be much higher.
Calculating total revenue
All businesses — but especially new ones — need a clear idea of total revenue. There are many costs involved in running a business (e.g. supplies, salaries, utilities, etc.), and all of these things affect the profit you turn. You can hire an independent accountant for this task, as needed. Just as an in-house account would do, your independent account will present this information in a way that’s easy to understand, using clear numbers, graphs, and other visual aids.
Doing your taxes
Taxes are a big deal for businesses, and the approach of April 15th is often cause for dread. It doesn’t have to be. For only small fraction of the cost of an independent accountant, a skilled independent account can give you all the help you need during tax season, using every legal method to maximize the value on your return.
Forming a business
As you decide how to form your new business, the advice of an accountant can be invaluable. For example, a limited liability corporation will free you from being personally responsible from the failure of the business. A sole proprietor arrangement means that you are indeed personally responsible, but there are certain tax benefits that come with this structure that may, in your case, outweigh the risk. A skilled independent accounted can lay out your options in a way that’s clear and easy to grasp, allowing you to make a better decision.
Hire for a season
The beauty of an independent accounting specialist is that you only pay for what you need, when you need it — but the level of attention and service given to your books is exactly the same, if not better.
Does that mean you should rush out and hire the first part-time accountant you can find? Not at all. Anyone you consider hiring should have a lot of experience working with small businesses. Even though you will be making your job easier by hiring an accountant, the health of your business is still in your own hands. A reliable accountant can take a great weight off your shoulders, but only if the job is done with impeccable attention to detail. Take the first step to making your business easier, and hire an independent accounting specialist — just make sure to hire the right one!