If you’re like many entrepreneurs and small business owners you probably try to manage most tasks yourself. Sure, maybe you outsource the big jobs like copywriting or graphic design, but you handle all of the “management” tasks. In many cases, that’s just fine. However, unless you’re an accountant yourself, consider that task one of the “big jobs” and find yourself a good accountant. Here’s why.
- Compliance: An accountant knows your deadlines, dates, and the tax rules and regulations inside and out. If you miss a deadline you could owe your government big bucks. Penalties, late fees and non-compliance fees are costly. An accountant not only knows when everything is due, they’ll take care of it for you.
- Tax Reporting: Let’s face it, most small business owners are probably not doing their taxes 100% correctly. They’re either missing deductions that they could take or they’re taking deductions that they shouldn’t. Much of that is due to the fact that taxes are confusing, and unless you’re an accountant you’re just not going to know everything there is to know. Instead of losing money or taking a risk of being audited, hire an accountant to manage the work.
- Time Suck: Bookkeeping is a time suck. It consumes your valuable time when you could, and probably should, be doing something else. For example, while you’re spending that day calculating your profit and loss statement or paying bills, you could be writing content, forging partnerships or working with clients. You could be making money. Hire a specialist to focus on your bookkeeping and go make more money for them to count.
- Information: Once again we come back to the fact that you’re not an accountant. You’re not up on the latest technology or accounting practices. Your accountant likely is. They can set you up with the best money-saving technology. They can offer business advice and they can help you grow and succeed.
Hiring an accountant is one of the first steps a business owner should make when they’re getting started. If you don’t have an accountant and are doing it yourself, consider finding someone you trust to manage the task. You’ll find that not only will you have less stress, you’ll also be able to spend more time and attention on growing your business.
So how do you find that good accountant you can trust? Ask around. Interview potential candidates and find a provider who understands you and your business. You’ll be glad you took this step.