Wed 19 Nov 2008
3 Good Reasons You Should Hire an Accountant
Many small business owners keep their own accounting books. Some are meticulous and well-suited to the task.
Others shove receipts in the drawer and scribble notes on scraps of paper about where the money is going. That can make things pretty tricky come tax time.
Some business owners put off hiring an accountant because of the expense, but since most are paid by the hour, hiring one doesn't have to be prohibitively expensive.
There are many good reasons to hire an accountant. Here are three.
There are so many payroll regulations that it can be tough to learn them all. Plus, they are always changing.
Deviating from federal regulations can result in hefty fines. By having an account handle payroll, you won't have to worry about keeping current.
2. Tax Time
This is one of the best reasons to hire an accountant. Business tax regulations change each year and are difficult for many "lay people" to understand.
You need someone to guide you throughout the year about what will be best for your business come tax time. If you wait to hire someone just to do your taxes it will be too late to take advantage of some money saving tax strategies.
Instead, you need someone who knows your business and can guide you - starting on January 1 - about how to save money when tax time comes around.
3. Free Time
Hiring an accountant to handle your books will take one big burden off of your shoulders and will free up your time to run and grow your business.
Keep in mind that you should never hand your books over 100% to an accountant. You need to know every detail about what is going on at all times.
This will remove the possibility of someone skimming off the top or your small business being involved in any unsavory practices.
Hire a good accountant, but always know what is in those books. It is, after all, your business.