There are good reasons for hiring an accountant at different stages of your company’s growth. Small business owners are always looking for ways to save money (like you should) but hiring an account doesn’t mean that you are not saving.
You need to weigh how long it would take you to do certain tasks (such as taxes) against how much an accountant would cost you.
Also, you don’t need to employ an accountant full-time you can also just consult them for a couple of hours.
A smart time to involve an accountant is when you are writing a business plan. An accountant will be able to help you with financial projections and give you a realistic financial plan that is more likely to succeed. Most people find it too expensive to hire an accountant even before opening their doors, but, having a professional at this early stage will mean you get the benefit of their financial knowledge and advice right from the start.
Most big companies have accountants for obvious reasons but don’t think being a small business owner makes the finance part any easier. Your business’s accounting can quickly become complex and disorganised if you do it on your own. Rather than losing control get help.
Accountants can also measure key business metrics, such as the ratio of salaries and other employee payments to total revenue. An accountant can help here by managing your payroll and producing graphs so you can see how the ratio changes over time.
Knowing stats like these are really important for future planning.
Being a small business owner myself, I know these next two facts are true.
I do not want to delegate, I want control over everything, and mostly I want to do all the important things myself.
I can honestly say, if you take this path, you are going to burn yourself out. And that dream business is going to feel like a nightmare.
Get an accountant when you are ready to delegate. Think of it like this; If you hand over your company’s finances to an accountant, you will have more time to concentrate on other aspects of your business. More controlling other areas.
I’m just kidding, but let go of the things that you are not as experienced in.
This brings me to legal advice. With financial statements, records, and any other documentation, you will get to do with the government and their regulations. I know this business is yours to take care of, but if you ever get to do with legal actions or the government, that is when you need an accountant!
Then last but not least. I know as a small business owner; the dream is to become a “Big business owner”. As soon as your company starts to grow you need to hire an accountant. You can’t play with the big boys if you have a DIY-business. You can use an account for advice as well, say for instance you want to franchise your company, you definitely need to talk to one.
There are loads more reasons that you need an account, and this is not to make you stress. But rather to realise the importance and take action.
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Have the best week & stay safe,