Why Your Small Business Needs To Hire An Accountant Now

Small business owners wear many hats, but “accountant” should never be one of them. Sure, everything may seem fine, but you could be inadvertently constraining your own success and profitability. What you don’t know could be costing you more money than you realize. Here are three reasons to hire an accountant now.

Bookkeeping Is Not Accounting

Depending on the size of your business, user-friendly software like QuickBooks is probably adequate for tracking payroll, business expenses, and invoices. Bookkeeping duties don’t eat up much time for small businesses with fewer than 30 employees. Often, the owner or a part-time bookkeeper is enough for managing the day-to-day tasks. While bookkeeping is great for helping you manage your business budget, it doesn’t take care of all your business’s financial needs.

A professional with a masters in accounting has the training to offer strategic advice to grow your business. Accountants produce in-depth documents, such as profit-and-loss statements, that allow you to better analyze your business practices. They can coach you about depreciation of your assets and re-structure your business for increased profitability. Additionally, accountants offer a wealth of expertise when negotiating credit or securing capital. Read more of this post