This is a guest post by Bert Doerhoff of Accubiz.
If you run a small business from home, chances are that you do your own accounting and bookkeeping. After all, hiring an accountant would cost more than you have to spend. Right?
Not necessarily.
Granted, if your accounting needs are limited and take little time away from operating your business, then maybe an accountant is not quite necessary.
However, here are 5 telltale signs that it might be time for your small business to outsource some of your accounting work. If more than a few of these items apply to you, it may be time to consider hiring an accountant.
- You feel like your expenses are way too high. If your expenses feel unreasonably high, then they probably are! An accounting firm can help you monitor your spending and see where you are spending unwisely. They can compare your costs to industry standards and direct you on how to spend more efficiently.
- You are just getting your business off the ground. When you’re just starting out, it can be completely worthwhile to hire a firm to help you. An accounting team can help you judge the market conditions and competition, thereby helping you determine how to respond to economic events.
- You feel overwhelmed with balancing accounting and managing the core of your small business. If you’re finding it tough to manage both the accounting side of your business with the day-to-day customer interactions, it may be time to outsource some of the bookkeeping work. Having the extra free time will give you the opportunity to interact with customers more meaningfully, manage your website, improve your marketing tactics and provide quality service. You can focus on what’s important to your small business.
- You’re clueless about deductions. It may be the case that you have more tax-deductibles than you think. In that situation, you could save more money by hiring an accountant than missing out on these deductibles. There’s no shame in not being super knowledgeable about this topic – you’re not an accountant after all! But it could be worth talking to an accounting firm if you don’t know a thing about deductions or don’t want to spend the time doing all the research.
- Your small business is growing quickly. If this is the case, congratulations! However, if the volume of business you are doing each month is increasing rapidly, you should definitely consider meeting with an accounting firm to manage the direction your small business is heading in. What many people forget is that an accountant also acts as a business and financial advisor, so taking advantage of his or her expertise can get you set up for a successful year.
If one or more of the above criteria fit you and your small business, consider meeting with an accountant to discuss your options. Remember that they are there to help you. Good luck in all of your future business endeavors!
This is a guest post by Bert Doerhoff, CPA and founder of Accubiz in Jefferson City, Missouri. Accubiz provides a variety of services, including accounting services, bookkeeping services and wealth management.
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