Is It Time to Hire an Accountant?

For small business and startup owners, every penny counts. This is why many of us work long hours and invest time and energy – instead of money – to get things done. It is a demanding role to fill, but it is incredibly rewarding.

That said, there are times when doing everything yourself is not the best way to go. When you consider the services available to businesses and startups today, it is easier to see how offloading some of your work as a business owner is a more efficient way to go.

One of the tasks you can offload is accounting or financial management in general. Working on reports, doing your business taxes, and keeping a meticulous set of accounts isn’t easy, but when is the best time to hire an accountant?

Start Early

Having a professional accountant is more beneficial than you realize, especially in the early days of your business. This is because a professional accountant can help you write a better, more concise business plan, and help get your business off the ground sooner.

Your accountant can help make financial projections, calculate operational costs, and even help you structure the business plan for better success. Hiring an accountant at this early stage means you can keep your business finances in order from the start too.

Healthy Cash Flow

A professional accountant has the expertise and experience needed to maintain a healthy cash flow in a business. If you have any experience in running your own business, you know how important it is to maintain a healthy cash flow.

Having a professional accountant by your side when you make financial decisions is a huge plus. Considering that you can find experts in accounting for startups or small business without jumping through hoops, the value of hiring one is even higher.

Sustainable Growth

Another time when an accountant can be incredibly valuable is when you are expanding your business. There are a lot of questions to answer when growing a business. Is it time to add more production lines? Are additional team members needed?

These decisions are made by weighing the benefits and costs, and a professional accountant can help you with the latter. You can easily avoid making bad decisions that lead to a huge spike in operational costs and a serious burden being added to your cash flow.

Gaps Filled

Not all accounting tasks need to be handled by professionals. In a startup, for instance, you can manage the day-to-day expenses using capable accounting software. You can then choose to hire a professional accountant to handle reports, complex transactions, and taxes.

This approach works really well thanks to small business accountants becoming more and more accessible. Finding one is certainly easy; you can now get quotes from multiple accountants online. The cost of hiring professional accountants is much more affordable than you think too.

This means you can expect a higher return on investment when you do decide to hire a professional accountant. So, when is the right time to hire one? These milestones – and many other moments in between – are when an accountant is worth their weight in gold.