Did you know that 89 percent of small businesses find higher levels of success when choosing to hire an accountant to work for them? Some small business owners might get caught up in thinking about how much does it cost to hire an accountant. There are a number of benefits that you should know about before choosing to write off hiring an accountant as an option.
Accountants provide a ton of value to your business and take a great deal of work off of your other employees. It is important that you understand the benefits of having an accountant working for your business. This will help you know how that weighs out against the cost to hire an accountant.
The good news is that you’re in the perfect place to learn all about what it will take to hire an accountant. You’ll also learn about accountant hiring tips and the benefits that you’ll gain from this accountant hiring guide. Keep reading this article to learn more.
How Much Does It Cost to Hire an Accountant?
Hiring an accountant to work for your small business is a big move that has the potential to pay major dividends. Accountants have great knowledge and skills and they get compensated well for those two things. It is important to keep in mind that you’ll be ponying up some money to make the hire.
An accountant charges fees that could range from $30 all the way up to $100 depending on their experience and skill level. It also depends on the services that they can provide. Other factors that play a role are the location of your business and the things that you require from the accountant that you’re looking to hire.
It might seem counterintuitive that you should spend more money to hire an accountant while trying to save money. Accountants have knowledge that will help you when it comes time to submit your finances to the Internal Revenue Service.
What Does Hiring an Accountant Help With?
Now that you have a better idea of what accountant’s fees will cost your business, it is important to understand the ways in which an accountant will help your business operations. If you’re looking for ways to save time for yourself and your employees then you need to take a long and hard look at hiring an experienced accountant.
One of the big things that this accountant will do for your business is generating and put together the financial statements. This is a difficult and tedious job and hiring an accountant to handle it will take a massive burden off of the rest of your employees. You’ll have peace of mind that these financial statements are accurate and won’t lead to an IRS audit.
If you’re concerned about getting audited then it can’t hurt to read more about IRS audits and how they work. A good accountant can also assist you with things like forensic accounting and tax planning advice. They can use their knowledge and expertise to find areas where you can deduct from your taxes and save money.
A big headache that comes with running a business is preparing and filing your corporate taxes. Hiring an accountant is a great way to get rid of that headache. It will put it in the hands of someone that has the knowledge and experience to ensure that your taxes are done right and sent out on time.
For the best results, you can consult with the accountant that you’re interested in hiring to find out about accounting software programs that they prefer. The software combined with an experienced accountant will make your life as a small business owner much easier and save you a ton of money.
Benefits of Hiring an Accountant for Your Small Business
Now that you have a clearer picture of what it will take to hire an accountant and what services you’ll gain from adding them to your team, it is time to learn more about the benefits that they provide. They’ll take a burden off of your shoulders but that is only the tip of the iceberg when it comes to the benefits of choosing to hire an accountant.
More Free Time
One of the main reasons that small businesses choose to hire an accountant as they start to grow and expand is to free up more time for their other employees. Many small businesses start out with employees handling multiple roles. As the business grows that no longer is sustainable.
It is stressful and difficult to figure out the tax code and to manage the finances of a business if you don’t have a strong background in it. It is made worse if you have other tasks that you need to handle. You’re going to put your employees on a one-way path towards getting burnt out if you pursue this strategy.
You’re much better off choosing to hire an accountant to handle the bookkeeping and finances. Then you can let your other employees focus all of their time on their specialties within the company. Taking this approach is a sure way to boost employee morale and you’ll see an uptick in production.
Save Money
All businesses are constantly on the lookout for ways that they can save money, and your small business is no different. It might seem like you’re losing money at the offset when you choose to move forward with hiring an accountant. In fact, you’ll reap many benefits in the long run.
It is easy to deter yourself from hiring an accountant if your profit margins aren’t the greatest. Hiring an accountant for your small business is one of the most effective ways to cut costs and make your business more efficient. Your new accountant will find areas of waste within your company that you can clean up in order to save money.
The main job of your new accountant is to do a deep dive into your business and its financials. From there, they’ll identify all areas where you can improve and save more money. They’ll also provide valuable insight and knowledge. This will keep you from making mistakes that cost you thousands of dollars.
Provides Legitimacy
Another big benefit that your small business will gain from hiring an accountant is the image of legitimacy and professionalism. Customers and clients view a business that has its own accountant as a big and efficient operation. Having this image will increase the odds that people will want to do business with you.
It is also great for working with clients because you’ll always be on top of your finances. If a client reaches out to you to follow up on a financial issue you’ll know exactly what is going on and provide a great client or customer experience. Having that professional order and appearance is huge for a small business that is trying to carve its way into the heart of the industry.
You’ll notice an immediate improvement to the reputation of your business and feel proud and confident about the direction that your operations are heading in.
Eases Tax Season
No one likes tax season, but it doesn’t have to be a stressful and dreadful period of time for your small business. Hiring an accountant is a great way to manage your tax preparation and filing when tax season rolls around. It is a full-time gig keeping a small business running and operating smoothly which means it is difficult to find time within your day to prepare your business’s taxes.
If you rush through preparing your taxes then you increase your odds of making a mistake and inviting an audit by the IRS. With how often the tax code changes from one year to the next, your best bet for your small business is to hire an experienced accountant to help you with preparing your taxes.
One of the biggest causes of bankruptcy for small businesses is not taking the proper steps towards ensuring that your taxes are prepared the right way. Don’t make this mistake as it could cost you dearly.
Business Operations Help
Accountants are great for handling your finances and bookkeeping, but they’re also valuable team members that can help you anticipate consequences when it comes to changes to your business model. If you decide that you want to expand your business then your accountant can help you get the best loans and interest rates while also helping you to stay within your budget.
They’ll also be there to help you through rocky times when the economy is on a downturn. They have the knowledge to give you sound advice on steps you can take to help your small business weather the storm and continue growing.
Start Searching for Your Small Business Accountant Today
Knowing how much does it cost to hire an accountant is a big step in moving towards hiring an accountant for your small business. The cost to hire an accountant is small potatoes compared to the value and legitimacy they’ll bring to your business operations. They’ll also help you navigate rough economies and make sure that your taxes are prepared the right way.
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