Posted by geemiz | Posted in Accounting Guidelines | Posted on 21-03-2012
Tags: Popular Accountants, shortage of Accountants
When you first open your small business, you may be doing the majority of the accounting yourself. This may be particularly true if you are operating as primarily a service business or a contractor. You may be using accounting software or you may be using a paper method to track your expenses and income. However, you may benefit from hiring an accountant to do your taxes for you. Many accountants will work for several small business owners, which means you do not need to hire someone full-time.
Are You Spending More Time on Your Finances than Your Business?
If you find that you are spending more time working out which invoices have been paid, and figuring out the payroll, than you are focusing on growing your business, it may be time to outsource your accounting needs. As your business finances become more complicated you may benefit from having an account do your books each month. You can contact a small business accountant and talk about the services you want to outsource. Initially it may just be payroll, but in the future, you may outsource more of your finances as your business grows.
Do You Understand Your Taxes?
Taxes when you are a small business owner or you are self-employed are more complicated than if you are working for someone else. You will need to pay your taxes quarterly as soon as you go into business. Tax laws surrounding your deductible expenses and your profit are complicated. You need to make sure you are filing everything correctly. You may want to have an accountant do your taxes as soon as you open your business, even if you handle the rest of the finances yourself. This will protect you and your business in the future.
Do You Receive Late Notices Even When You Have Money in the Account?
If you are late on paying your invoices, or you forget to send invoices out to your clients, you may need to hire someone to take care of this aspect of your business for you. If you have a difficult time keeping up with sending out your invoices and tracking who has paid you, you should consider outsourcing this to your accountant. As your business grows this may turn into a full-time position. However, when you first begin you may just need someone to do it part-time. Another option is to consider using an invoicing service such as Fresh Books. They will send your invoices and invoice reminders for you, but you do need to send them out yourself.
Finding an Accountant
Once you realize that you need an accountant, you will need to find one you can trust. Your bank may offer several of the services for you at a discounted rate. They can help with payroll, fining benefits and they have other services set up for merchants and small business owners. If you need an accountant in addition to these services ask other business owners whom they use. Take the time to interview the accountant and ask for referrals. You want someone you can trust and it is worth taking the time to call up current clients to make sure you are getting someone that will help your business grow.
About the author:
Charissa Newark is the resident blogger and the editor for AccountingDegree.net. After graduating from the University of Maryland with a B.S. in English in 2005 and unable to find a “9-5”, Charissa began freelance writing and doing research for various websites. A few of the current topics she is researching include how to earn an accounting certificate online and where to find an accounting bachelor degree online.
Great Site, Thx! Keep up the good work.
Indeed a very helpful article you got here. If you’re really serious about your company’s plotted success then it would mean so much more if you put your everything while it’s still in the initial stages of developing.