Whether you're starting your business and need a solid plan or your company is thriving, there are many benefits to hiring an accounting professional. Your small business may not be ready to hire an accountant or accounting department full-time, however, relying on an experienced hourly-based accountant can save time, money and headaches.
If your company is faced with any of the following, it may be time to invest in hiring an accounting professional.
Starting Your Company
While it's great to have a business idea, if you're looking for investors or long-term success, an accountant can help write a business plan. Financial projections and other reports will help determine a course of action, where you should invest money, and how long it will take to gain a profit. This information will greatly benefit your business from the start so that you can predict, with some likelihood, the success of your business idea.
Growing Your Business
If your business is growing, and you're considering a new legal or tax structure, an accountant can advise you on the best option. If your plan is to grow your business and you need advice, an accountant can review your current financial situation and project a plan for growth. An accountant may also suggest you change your pricing structure to better meet your growth plan.
Cash Flow Struggles
Accounting professionals can help with bookkeeping and predict cash flow challenges. They may suggest adjustments to your operations or pricing to help manage your cash situation. A recommendation, such as accounts receivable cleanup, may help to resolve late or unpaid accounts receivable balances. You may also learn how to calculate accounts receivable turnover and suggestions on increasing your accounts receivable turnover ratio.
Tax Season
Tax preparation can be draining to business owners who don't do it for a living. Organization is key, at a minimum, in order to ensure your business isn't paying too much or too little taxes. Accountants will take your receipts, notes and the rest of your financial information to help you prepare and maximize write-offs. They will be able to identify tax opportunities to help save your business money too.
Hiring an accountant or an accounting organization is a well-considered business decision. If your business needs help, you're looking for investors or you simply want to spend more time running your business, it may be time to hire some outside help. Delegating your business accounting to a qualified professional may ultimately save you money and help your business succeed.
