10 Aug A Few Reasons to Hire an Accountant
If you are the owner of a small business, you have probably flirted with the idea of retaining an accountant or CPA from time to time. Most business owners tend to focus on a trio of core services; payroll, bookkeeping, and corporate tax returns. Sit down and think for a moment about how much time, money, and energy you would save if you didn’t have to invest so much into performing these non-revenue generating tasks. Is it substantial? If so, maybe it’s time to think again about an outsourced accountant. Let’s take a closer look at the three main services typically provided:
- Payroll – This continually tops the charts as the aspect of business record keeping that owners hate the most. No one like performing payroll! Hiring an accountant to do this can save you having to negotiate with the IRS because you made a mistake; they usually offer you some sort of tax guarantee in the rare case that mistakes are made. Imagine what you’ll save not needing to keep an experienced bookkeeper on staff, or performing this function yourself.
- Bookkeeping – Another popular choice to outsource, bookkeeping is unpopular with owners for many of the same reasons payroll work is. It’s tedious, time consuming, and doesn’t really add any value to your own clients. The process just eats up a lot of your resources, without adding to your own bottom line; consider outsourcing it to an accountant.
- Preparation of Corporate Tax Returns – The final service accountants perform for businesses is the maintenance of tax information and the preparation of their annual corporate tax return. Time spent complying with tax law is time poured down the drain. Also, since tax season occurs only once a year, a strong argument can be made that retaining someone full time for this function is relatively unnecessary.
Look into hiring an accountant if it sounds like you would be better served delegating these tedious, non-value adding tasks to an expert, who can perform them at a fraction of the relative cost. Talk today to a qualified CPA if you have any further questions about what they can do for you or your business.