There is nothing better than knowing you have a small business that you are running yourself, but there are so many hats you have to store in your closet! You will have to consider your marketing, sales, customer service and administration, business development, HR and accounting. It’s a lot and when you also have to focus on the things that you need to do as a business leader, you’re going to find the whole thing a big push to get right. If you are doing everything yourself from the beginning, it’s fine, but you run the risk of things going wrong. One area that you really don’t want to go wrong is your finances!
Whether you choose an outsourced bookkeeping for your small business or you look at hiring a proper accountant, you should consider that you need to have an expert who is able to help you with making payments to people as much as payments to vendors and equipment. Your bookkeeping and accounting needs will outgrow at some point, but if you have the right service with you you’re going to be able to manage that easily and not worry about it. You are going to get your start when you outsource, and you should remember to include accounting services for your business. Still on the fence about that? Here are ten reasons why you need to hire one!
- Your time is worth your attention. It’s a good idea to consider the attention that you put into your business and your accounting needs your attention, too. Your time is worth something and if you have to develop your business, you can’t spend time looking at the numbers. Hiring someone else to do it for you as well as take on your taxes will help! If you have the time to do your wages and payroll yourself, you need to think about whether you can stay on top of it all. It may not be sustainable for you to do it yourself, but you can hire someone to help and that will make all the difference.
- You’re already overworked. You need your business to feel like it’s working as smoothly as possible, and for that to happen you have to consider whether you are on the path to burning out or not. Being a small business owner will often require you to take up to 40 hours per week in your job. You have to give everything to your business and this can lead to burnout. You deserve time to focus on the things that really matter and have things work smoothly outside that. So, hiring an accountant or a bookkeeping service is the way to go!
- Tax time. Do we need to expand beyond that? You need to think about the fact that doing your taxes can be a fully anxiety-inducing time in life, and you need to think about what line of business you’re in. It doesn’t have to be stressful so imagine a world where someone else can handle the taxes for you? It’s a good world to be in and your accounting services will be able to cross every T and dot every i for you! If you do get a dreaded IRS letter, you will have an expert in your corner! That’s the kind of peace of mind you’ll get.
- You’ll be able to handle your financial health. Staying on top of the money stuff is difficult enough but if you have someone on your side, it makes it all so much simpler. Simple is always appreciated when you are busy running a business and you can make running that business straightforward this way. Bookkeepers can help you to unravel your spending and pay your invoices, pay your people and even keep on top of any money you may owe. They can keep tabs on your expenses and revenue and they can help you to navigate ways to grow your revenue and make more money, too. The best accounting services will be able to maximize your financial health and ensure that you are getting the most for your cash.
- Your legal structure may be an issue. As a small business owner, you’re going to need to have the right legal structure and if you don’t your accountant can check this out for you. They will be able to sort through all the mess and have a conversation with you about the different legal structures as well as their benefits and their drawbacks. This Is going to help you in a BIG way because if you don’t have the right structure your business isn’t going to go as well as you think.
- You have the chance to expand. It’s easy to handle your tax when your business is new but when was the last time you managed it without a letter from the IRS or a query on your reports? An accountant will ensure that you are able to grow your business properly and you are able to handle your taxes in the best way. You need to remember that your business is going to grow financially as much as anything else, and you will one day have the capacity to pay people and ensure that they are getting the best from your business as much as you do! Allowing a pro to handle it will make a difference!
- It can be hard to go overseas. If you think about it, you might want to expand overseas one day. If you do that, you need to be able to negotiate the costs and payments that you make to entities abroad. An accounting team can help you with this, navigating suppliers and vendors so that you can get the very best for your business overseas or at home. Doing business internationally isn’t the easiest thing to do but it’s going to be so much simpler when you have the best people helping you with it.
- Errors and mistakes cost money. The last thing that you need is for your business to be overly costly and mistakes will make that happen. Are you making any accounting errors? Those are costing you in so many different ways and if you’re not a pro yourself, it’s possible that those errors could cost you a lot more than just money, too. You could lose business, you could lose vendors and you could end in more debt than your business is in right now.
- Accountants have seen it all. You cannot shock an accountant; they have already seen it all and they’re ready for anything! You need to understand your business and handle tasks as they come in, and accountants can help you to do just that! From shoeboxes full of receipts to an accounting nightmare of forgotten transactions, your accounting team is going to be able to manage it all without a worry. You should think about going in and being honest because nothing you say will shock them.
- You can stay focused on what you know you’re good at. You can stop panicking about money because someone else is handling it for you! Instead, you can start developing the business and making sure that your accountant handles everything else. You should think about hiring a bookkeeper to do everything else that you need in terms of money. You are going to have a big difference made to your business as a result when you hire the best possible bookkeeping team and accountant.