There are certain times when it makes sense to hire accounting help — but we say that as an accounting team. When you’re starting a business, you might not know when to consult an accountant.
As one client said, I didn’t know what I didn’t know!
Here are some scenarios when hiring accounting help could save you time and money when you’re starting a business:
- Getting things set up right from the start: Seek the advice of an Accountant when you establish your startup or small business. Leverage their financial expertise and knowledge to inform all your important first steps — from writing your business plan and deciding how to legally structure your business, to applying for a bank loan or helping you choose the accounting software that will work for your business needs.
- You want to work smarter, not harder: As a small business owner, you want to save money. You try to do everything yourself, including the day-to-day accounting and payroll. Consider, though, how many hours you might spend doing bookkeeping or financial spreadsheets that would take accounting professionals a lot less time to do. And what if you make mistakes? If your time is worth money, what’s the best use of your time? (Pro tip: There are benefits to outsourcing your accounting team, especially as your business grows.)
- If you realize you’re falling behind: It might not be so bad handling your small business finances at first. If you start having to work late nights or weekends to catch up (or you keep meaning to catch up but you can’t and you’re falling more and more behind on accounts payable and receivable, for instance), consider hiring an accounting team. There are accounting software options and apps that let you monitor your business accounts, so that you stay informed without having to do all the work to keep things current.
- If you want a more complete financial picture: When you want to analyze what’s happening with your business, a Virtual CFO can apply complex accounting treatments, create customized reports, and guide your budgeting and forecasting process. If you’re trying to figure out how to handle a financial challenge, like a cash flow issue, a Virtual CFO will be able to give you sound advice.
- You feel overworked: If you’re approaching burnout or feeling fried, it’s hard to know what you can safely delegate without losing control. Handling the financial aspects can be time-consuming, so outsourcing to an experienced accounting team will give you time to concentrate on growing your business.
Finding the right Accounting Team will give you support as you start your business and as it grows. At every stage, you’ll be able to see how your business is doing and have accounting help to meet your business goals.
Interested to learn more about our virtual Accounting Team services? Please contact Finatics Accounting Solutions for a complimentary consultation.
Want more articles like this? Stay informed and learn more. Sign up for our newsletter and never miss a post.