A big dilemma that small business owners face is whether or not they should hire an accountant. There are lots of factors that go into whether or not a small business accountant is worth hiring for your business. For some people, hiring one once a year for taxes is enough, but for others hiring one long term is more useful. Here are all the factors you should look at to determine if hiring a small business accountant is worth it for your business.
Your own skill set is an important factor to consider. Small business owners wear many hats, from management to bookkeeping. But if you’re not training in accounting or bookkeeping doing it all yourself could be a mistake. Even the smallest financial error can be detrimental to your business. A chartered accountant will help prevent these mistakes from happened.
Wearing so many hats means small business owners don’t have a ton of time. Why do more than you have to? Hiring an accountant will save you time. It will free up valuable time that can be spent focusing on other parts of your business.
A big reason small businesses don’t have an accountant is money. In fact, if you’re looking at if it’s worth its cost is probably what you’re looking at most. The fact is that a chartered accountant will give you a return on investment. They will find bookkeeping errors, always make tax deadlines, will find tax breaks, and help you budget. All of this will end up saving you more than you’re spending.
Running a small business is incredibly stressful. Hiring an accountant will help remove some of the weight off your shoulders. Dealing with small business finances can be time-consuming and frustrating, so why not hire someone else to deal with it?
Advice and Help
Added bonuses many people don’t know about hiring an accountant is the advice and help you get. A small business accountant can make a budget, provide strategic advice, and help expand and grow your business.
Maybe you’re not sold on hiring an accountant for everything yet. There’s nothing wrong with trying one out by hiring them just for tax season. Taxes for small business can be overwhelming and they are super important as the CRA keeps a close eye on them. An accountant will sort out your books, file the paperwork, and be sure to get you tax breaks.
Contact us today to talk about how we can help you with your small business accounting needs.