Benefits of Hiring a Professional Accountant
Updated: Dec 12, 2019
Deciding whether to hire an accountant can be a big decision if you’ve never done it before. But if you’ve been asking yourself “Should I hire an accountant?”, you’re in the right place. Maybe you have a new small business, or a family business that’s been around for years. Using small business tax experts like those at New-Wave Accountants can help simplify what can be an overwhelming process come tax season.
Do I Need an Accountant?
One of the biggest concerns small businesses have is whether they are paying too much tax. Are you surprised at how high your tax bill is each year? Does tax season send you into a frenzy of stress and worry? Using an accountant can, at the very least, give you peace of mind. You may find out you’ve been doing things pretty well on your own– or you may learn about small business tax concessions you didn’t know you were eligible for.
When to Hire an Accountant
If any of these situations sound familiar to you, the benefits of hiring an accountant could be significant.
· You want to start a new business or have started a new business
· You’re not sure where your money is going, or why you’re losing money
· You want to make sure your business is running efficiently
· Tax season is a constant source of stress
· High tax bills catch you off-guard
· You want to make a plan for your business’s financial future
Many small business owners consider hiring an accountant around tax season, but an accountant can do more than help you file a proper tax return. They can also provide expert advice, making sure you’re not spending too much in the wrong places or missing important financial data. They can look at the big picture and your day-to-day cash flows to make your life easier by reducing risks, streamlining your processes, and more.
Pros and Cons of Hiring an Accountant
Every situation is unique, so there’s no one test that can tell you, YES! You need an accountant ASAP! But here are the main pros and cons of hiring an accountant.
Advantages of Hiring an Accountant
At the bare minimum, you’ll find peace of mind during tax season. Accounting & bookkeeping services cover a wide variety of services to help your business thrive. From long-term planning to making sure you aren’t spending too much on supplies, an accountant can help make running your business easier. You don’t have to be struggling with debt or total loss of control over your finances to need an accountant – in fact, it’s better to bring someone in before it gets to that point!
Disadvantages of Hiring an Accountant
The worst case scenario: you find out you were doing things right all along. It can be difficult to analyse the costs and benefits of hiring an accountant when some of the benefits aren’t necessarily quantitative, like peace of mind. Your time is valuable – Why spend hours stressing over taxes when you could be running your business?