Should I Hire an Accountant for my Business?

Chances are, if you’re asking this question, the answer is yes. Hiring an accountant for your business has many benefits. If you want to learn more about the benefits, check out our posts on what an accountant can do for your business and the difference between an accountant and a bookkeeper. If you understand the benefits and want to figure out if this is the right move for your business, you’re in the right place!

1. How do I feel about my current accounting practices? Are my records being updated often enough for my comfort level? Have any mistakes cost me time and money? Do I feel anxious, stressed, or worried about my books in any way?

All of my clients come to me unhappy with their current system for one reason or another. Some of them have been trying to keep up with it themselves but failing. Occasionally I’ve found someone who has never done anything with their books and is in panic mode due to approaching tax deadlines. Other clients have come to me with books improperly maintained by bookkeepers who didn’t do the job correctly. No matter what the story is, if you’re not happy with the way things are, it’s time for a change.

2. How much time am I spending on accounting for my business? Does it feel like too much time to spend on bookkeeping? Could I be doing something more valuable with this time?

Everyone has a different idea of how much time is too much time to spend doing bookkeeping for their business. But, if you’re feeling like it’s taking too much time (or it would be if you actually got around to doing it), it’s time to get help.

Even if you don’t feel like it’s taking up too much time, is there something more valuable you could be doing with that time? Even though you may not have an “hourly” rate, it helps to think about your time in these terms. If you could bill your time by the hour, would it end up costing less to have someone else do accounting for you? If the answer is yes, it’s time to outsource.

3. How well do I understand my business financially? If I got audited today, would I feel confident that everything is correct? Do I know what the most profitable part of my business is? If I needed to make an important decision, do I have proper financial records and training to make a sound decision?

As a business owner, it is essential that you understand your business financially, and solid financial data forms the foundation for that understanding. If your current practices aren’t doing enough to give you what you need, it’s a good idea to get some help. Even if you have good data, working with an accountant can provide you with insight into your business that you may have missed. And when it comes to an audit, knowing that your books are handled by a professional will put you at ease.

If you’re still not sure if working with an accountant is right for your business, schedule a free introductory call. We can talk through what’s going on in your business and help you find the right solution.