If you are like most small business owners, you have a thousand things on your agenda each day. Between selling your product or service, researching and designing new products, managing your employees and serving your customers, you have long days with little time to deal with accounting needs. If your business is to develop successfully, the most valuable use of your time is not writing checks or preparing the payroll. Your time is best spent in growing your business. So, is it time to hire an accounting firm? The answer is most likely yes!
About.com Small Business Information suggests it’s time to coonsider hiring an Accountant for these four reasons.
- Are you adding employees? If you are, you will have payroll, payroll taxes and other notifications and filings you will be required to manage. An accountant can take care of these things and explain them to you so you can consider whether more employees make financial sense to your business.
- Are you changing your business structure? Are you going from a sole proprietorship to a corporation or limited liability corporation? As your business grows, the best way to structure your business might change. An accountant can advise you on the best structure for your purposes and help you understand the financial and tax impacts of any changes.
- Are you looking for outside financing such as bank loans? A properly done financial statement is going to make a much better presentation to your bank than an accordian folder of miscellaneous bills and receipts. An accountant can prepare financial statements on a monthly or quarterly basis which can simplify the loan process and give you credibility as a worthy loan applicant.
- Are your billings becoming more complex? Do you have partial billings or payments to keep track of? As your cash management and billings get more complicated, it will help to have an accounting professional set up the proper systems to manage your cash effectively and keep you profitable.
When your business has reached any of these milestones, a good accountant will be your most valuable asset. Your business success will come from doing what you do best, not from managing your payroll or tax planning. Time is your most precious commodity, so contact us at Diversified Resource Business Solutions when you are ready to take the next step. Outsourcing your financial work will allow you to concentrate on building your business and serving your customers.
