When you’re busy starting, running, or growing a business, you may not have a lot of extra time to balance your accounting books and manage your small business finances. But this is where bookkeepers, accountants, and certified public accountants (CPAs) come in. Check out the following tips and resources to learn all about the benefits of hiring an accountant or bookkeeper when growing, running, or forming a small business!
How Small Businesses Can Benefit From Accounting Services
Whatever stage your small business is in, an accounting professional can help you. They can be utilized to keep track of your finances, prepare your tax returns, and make smarter financial decisions. Here are some other activities they can assist with:
- If you’re preparing to launch a startup, an accountant or bookkeeper can help you to choose a legal structure, write a business plan, organize your startup records, and set up your accounting systems.
- After launching your small business, the right financial professional can help you to manage your day-to-day bookkeeping tasks.
- An accountant can help your small business to find new growth opportunities, reduce tax payments, and be more productive and proactive.
- Accountants are especially helpful at tax time, as many small business owners are guilty of making costly tax mistakes each year.
Accounting vs. Bookkeeping: Which Service is Right for Me?
When hiring a financial professional for your small business, you’ll need to decide whether to bring on a bookkeeper, accountant, or CPA. Some small businesses, however, can benefit from the services of both an accountant and a bookkeeper. Here is what you need to know:
- There are several differences between bookkeepers and accountants. Many small business owners choose to work with bookkeepers or accountants day-to-day and CPAs at tax time.
- Fees also vary depending on whether you hire a CPA, accountant, or bookkeeper.
- A financial advisor is another type of financial professional to consider for your small business. These professionals can help with things such as cash flow management, insurance planning, and employee retention.
How to Hire an Accountant or Bookkeeper
Ready to hire an accountant or bookkeeper for your small business? Keep these tips and resources in mind as you search for the right financial professional.
- Determine which bookkeeping tasks can be completed on your own. From getting payroll done to monitoring cash flow, bookkeeping products can be used to supplement professional bookkeeping and accounting services.
- Know what to look for in terms of certifications and memberships.
- Make sure that you mesh well with the person you’re considering hiring. You will want to hire someone who is compatible with you and your team.
Summary
The benefits of hiring an accounting or bookkeeping professional are vast, especially when you’re launching or growing a small business. These tips and resources will help you to explore these benefits in greater detail and find the right accounting professional for your small business!