When you first started your business you might have managed the finances and books yourself without any problems. However, as your business grows so will the burden of accounting. At this point you may be asking yourself, “Do I need an account?” We put together a few things to help you decide.
Experience- If you have managed so far, and have accounting experience, then you might consider continuing to handle this aspect of business yourself. If, however, you do not have experience and/or training in this area and your business is growing, it is probably time for an account. The bigger your business grows the more financial information there will be to handle. This can become very stressful if you don’t know what you’re doing.
Workload- Even if you have financial experience and do an excellent job keeping the books, you need to consider your workload. If you are continually stressed out and stretched too thin you might need an accountant to step in along side of you. Running a business is a lot of work and it’s okay to hire someone to help with accounting so you can focus on other aspects of your business. Knowing that your finances are being managed properly and by a professional will also serve to give you peace of mind.
Mistakes– Another clue that it may be time to hire an accountant is if you find mistakes in the books. Mistakes in this area can be costly. This indicates that you no longer have the time to devote to this area. Hiring an accountant can save you from these errors.
Advice- If you’re still on the fence with this decision it is always a good idea to ask for advice. Find out when other business owners decided to get accountants. Speak with a financial advisor. Running it by trusted associates can really help you find your way.
This is a big decision for your business and deserves careful consideration. If you choose to get an accountant be sure to speak to a few and choose the right one for your business. This can also be a great step forward towards financial piece.