Some of you may be on the fence when it comes to hiring an accountant. This is normal as it can be a pretty significant investment. However, we can’t overstate how important accountants are for businesses. To help you figure things out, we thought it would be useful to put together a brief discussion on this subject. If this is something that you want to learn more about, read on as we list down five tell-tale signs that you need to hire an accountant for your business.
Bookkeeping Is Distracting You From Other Tasks
Do you find that your business spends way too much time on bookkeeping? If this is the case, then you may want to consider hiring an accountant. Think about it this way, the time you spend on bookkeeping could have been spent on the other aspects of your business. By hiring an accountant, you’ll be able to focus on other parts of your business. Through this minute change, you’ll be maximizing your business’ potential.
Your Business Has Grown
Every business owner is looking to succeed, but success means expansion. And expansion means bringing on more staff, building more inventory, and putting in place more internal systems. Success also means the leader must create or update more internal systems to handle the expansion. All of this means more paperwork and number crunching, which means you’ll have to bring an accountant on board in order to keep up with the changes.
You Are Expanding Out of State
Even if you have a solid knowledge of tax laws in your state, there are still new rules and regulations to consider when you move beyond your state’s borders. If you want to distribute in another state, hire employees from out of state, or open a new location in another area, it would be in your best interest to hire an accountant that’s familiar with the tax laws in your chosen state.
You Are Planning on Making a Large Purchase
You might need to or might be planning to make all sorts of large purchases or investments, such as equipment or real estate. If you’re feeling unsure about which solution is best for you — whether to buy the equipment outright, lease it, borrow money, or find other financing options — an accountant can provide a calculated second opinion. They’ll assist you to assess your business’s current financial situation and provide guidance about how much you can afford to spend.
You Are Being Audited
Facing your first tax audit can be stressful, with a lot of paperwork and communication with the IRS involved. If you already have an accountant, you may still need his or her help to get through the audit, identify and organize the information you need to satisfy the IRS’s inquiry and liaise directly with the IRS on your behalf. If you don’t already have an accountant, bring one on as they will make the entire process infinitely easier.
We hope this article proves to be useful when it comes to helping you decide whether or not it’s time to hire an accountant for your business. While accountants may cost you upfront, the sheer number of benefits that come with professional accounting services will be well worth it. By hiring an accountant, you will be able to take your business to the next level.
Are you searching for accounting firms in Rochester, NY to assist you with your accounting needs? Bianchi & Associates provides accounting services that include account administration, financial analysis, report generation, and internal/external audits. Contact us now and let us help you achieve business success!