Why you should get an Accredited Accountant for your business
Do you own a small but growing business the financial challenges of which are getting too much to handle? Then you need a second pair of hands in the form of an accredited accountant on staff who can handle those numbers, giving you time to focus on the core aspects of your business.
These professionals will be a in a better position to operate that accounting software that might seem confusing to you. A professional and experienced accountant can extract the data you need that can make your business grow and tap into undiscovered financial resources you might not even know you have.
When should you hire an Accountant?
According to the director of specialized communities and management practices of the AICPS (American Institute of Certified Public Accountants) Mark Koziel, that decision should depend on the size of your company. If you have a small business and are trying to figure out how QuickBooks works, then that is a sign that you need to find someone who is more knowledgeable with numbers.
Of course, not many startups or small businesses have the volume of financial transactions that can justify hiring a full time or even a part time accountant on staff. On the other hand, if your financial situation is still suffering, then you can benefit from an up-to-date accounting measure that a trained accountant can take care of for you. How long are you going to save those slips and receipts, some of which will inevitably go missing once tax season comes around?
So what should you do? Hiring an accounting firm or an accountant on a consulting basis is one of the first steps you should take. They will cost less than hiring one full time with salary and benefits. At the same time, you can benefit by receiving a higher level of service and advice from tax and financial accountants who have had extensive experience working with a number of businesses and industries. The former is typically a licensed CPA lawyer whose specialty is tax law.
In fact, even if you have the best financial and tax software installed in your business, it will still be a better idea and easier to outsource financials to a certified CPA firm or an accredited accountant. These professionals can manage your books online via way more secure software than you may have purchased in your ignorance. That course of action will be way cheaper and less of a hassle than maintaining a complex accounting software in-house. You might eventually have to hire a software programmer to help you figure it out anyway.
An accredited accountant can help you with:
- Tax returns
- Preparation of financial statements, income statements, balance statements and cash statements.
- Advice on how you can stretch and maximize your business revenue
Every business is different and as a business owner, you may have to expand your score of work to include transaction records. This is typically an accountant’s responsibility but if you can’t afford one in-house, the best course of action would be to turn to a professional accounting firm.