Do I Need an Accountant for Small Business?
The Pivotal Role of an Accountant for Small Business
Running a small business is a massive undertaking that requires planning and a series of major decisions. Something many people wonder is whether they need an accountant for small business matters. Can’t business owners just handle financial matters without professional help?
Even if you’re only looking at tax planning and bookkeeping, the time these activities require is already an indication that it’s worth getting some assistance for your small business’s accounting needs.
Here’s why firms like Numerico believe that accountants and CPAs are essential for successful business operations and their profitability.
The Value of a Small Business CPA | Beyond Number Crunching
It’s a common misconception that accountants simply perform bookkeeping. They’re necessary for a small business because, in reality, an accountant specializing in small business offers a variety of services that help the company grow and excel.
For example, certified public accountants perform several services for a business, such as:
- Strategy and financial advice
- Regulatory compliance
- Preparing and filing taxes
- Promoting financial growth
- Managing cash flow
- Performing risk management
While everybody wants a lucrative business, the right moves can be elusive. Accountants have the insight needed for financial strategizing, assessing risk, and properly managing your cash flow. Without a CPA, a novice business owner may start making bad decisions that put their company in financial jeopardy.
When Should You Hire an Accountant Specialized in Small Business?
Let’s say that you’ve just started a small business. When is the best time to hire an accountant? Typically, some of your most complicated financial decisions will come early in the start-up process. Hiring an accountant right away is the best idea, especially since new business owners may struggle with regulatory requirements and the complexity of transactions.
An accountant for small business operations will help navigate these steps and get a company off on the right foot. For example, your CPA can set up a bank account for your transactions, organize your profits, establish balance sheets, and guide you through the accounts payable process. They’ll also help you master and manage your company’s finances.
How to Choose the Right Accountant for Your Small Business
When hiring an accountant for your small business, there are different considerations.
Have the CPAs worked with small businesses before? Some accountants specialize in small business, which means they have an understanding of the financial issues smaller companies face.
Does the CPA demonstrate a unique understanding of companies within your community? Business owners should aim to work with an accounting firm in their local area. They’ll offer the best insight into growing the business because of this experience.
What qualifications or certifications does the CPA carry? Are they proficient in things like tax preparation, financial forecasting, and budgeting? A qualified accountant will perform all of these services efficiently, giving your business the best possible outcomes.
Overcoming Common Misconceptions About Hiring an Accountant for Small Business
Certain misconceptions might be keeping small business owners from hiring an accountant. For instance, the most common is that business owners can easily handle their own financial needs.
However, handling your own financial needs may put your business in jeopardy when it comes to regulatory requirements and tax preparation. These are complex tasks requiring a qualified expert with years of experience.
Others believe hiring a CPA for your small business is a waste of money, but people soon realize that hiring an accountant actually saves money. Your accountant handles matters efficiently, helping you make more and lose less. They also save you valuable time by performing tasks that would take days or weeks to complete.
Numerico | Small Business CPA In Livonia, Michigan
Access to a certified public accountant can make a world of difference in navigating complicated financial processes and everyday bookkeeping tasks alike. At Numerico, we want each business owner to experience the benefits of having an accountant for small business purposes and more.
Why not meet with our accountants? The team works with small business owners throughout Livonia and the surrounding Michigan communities, helping them grow their companies and reach their potential.
Are you looking to grow your small business with a certified public accountant? Learn more about our top-quality accounting services by contacting us at (313) 278-8030 today!