When should a small business hire an accountant?
Often when entrepreneurs start small businesses, the temptation is to handle all parts of the operation themselves. Realistically, however, if the owner is doing everything, including the bookkeeping, he or she is taking valuable time away from his or her ability to solicit new clients and grow the business. Even if you or someone in the office is in charge of simple tasks like monthly payroll and budgeting for expenses, there are still times when it’s warranted to bring in a CPA.
Hiring an accountant does not mean you have to employ them full time. You can work with them as much or as little as you need, and the arrangement can also change during the lifespan of your business. Some of the tasks you may want to use a CPA for are preparing financial statements and tax returns, meeting government compliance issues, and monthly or yearly reporting on topics like profits and loss, income growth, and future tax liabilities.
Keep in mind that an experienced CPA can be quite useful during the business planning and inception phase of your small business. To start, an accountant can help you determine the most advantageous way to set up your company from a legal perspective. Sole proprietorship, LLC, corporation — all of these categories carry different benefits and limitations.
When you choose to work with a full service business consulting firm like GYL, you’re getting more than knowledgeable CPA’s. Our partners also have extensive experience in business management. We provide the tools you need to run your business efficiently today as well as growing it tomorrow.
Growing your small business is exciting and what you plan for, but the process can be stressful. Retaining the services of a firm that can help you develop and manage the plan can reduce the stress while increasing your chance of a smooth, successful path forward.
Whether you’re interested in hiring a CPA experienced in performing accounting services for businesses or are seeking an expert to advise you on all areas of your company, GYL can help.
Call or click today to schedule a free consultation with one of our business consultants. We look forward to helping your make your business a success.