Why Hiring an Accountant is One of the Best Things to Do For Your Business

//Why Hiring an Accountant is One of the Best Things to Do For Your Business

Have you hired an accountant to help with your small business taxes and bookkeeping yet? If so, good for you.

If not, you really ought to hire an accountant as soon as possible. Hiring an accountant might be the #1 best thing you can do for your business.

2011 was the first year I did my taxes with the help of an accountant, and even though I’m “just” a solo freelancer and my business is relatively simple compared to larger businesses that have employees, inventory, depreciating equipment, and other tax-related minutiae, I am SO GLAD that I finally got around to hiring an accountant.

Here are a few reasons why (almost) every small business owner needs to hire an accountant:

  • Hiring an accountant saves you money: Many small business owners are reluctant to spend money on anything that doesn’t seem immediately related to finding more customers and making bigger profits. But here’s the thing: no matter how much your accountant charges you, chances are that they’ll be saving you more money than they cost. Hiring an accountant can save you thousands of dollars on taxes. An accountant can help you set up your business to file taxes as an S-Corporation, which can help you avoid a lot of federal self-employment taxes that you’d have to pay as a sole proprietor.  An experienced business accountant can make sure you get all the deductions and tax credits that you’re entitled to. They know the ins and outs of the IRS and the tax code far better than you can. No matter how complex your tax situation might look to you, your accountant has seen it before and can get you through it without a lot of stress.
  • Hiring an accountant saves you time: How much is your time worth as a business owner? Every hour you spend fretting about taxes and trying to fill out the fields on TurboTax is an hour that could have been spent meeting customers, closing deals, developing new products, or improving your business. Working with a small business accountant can save you thousands of dollars worth of time – because in business, time is money. Every hour that your accountant saves you is an hour of your valuable time that can be put to better use doing what you do best for your business. Do what you do best, and outsource the rest. Accounting should be the first task you put on your “outsource list.”
    IMPORTANT CAVEAT: Of course, just because you hire an accountant doesn’t mean you can ignore the financial details of your business. You still are accountable to the IRS for the financial accuracy of your business statements and tax filings. But an accountant can work with you as your trusted partner and counselor to deal with all the details along the way.
  • Hiring an accountant gives you peace of mind: Sure, you could try to do your accounting by yourself, but unless you’re a CPA, doing your own small business taxes is a bad idea. Small business owners have too many other things to worry about, and most small businesses’ taxes are too complicated to do by yourself. Hiring an accountant gives you the reassurance of knowing that a professional is making sure that your taxes are done right and by the book.

Ready to hire an accountant for your small business? CorpNet is proud to partner with the Corporate Tax Network, offering services in tax preparation, bookkeeping and small business financial decision making support in all 50 states. You can get a free consultation by contacting the Corporate Tax Network through their website.

By | 2017-12-22T10:42:22+00:00 September 7th, 2012|Categories: Ongoing Management and Protection|Tags: |2 Comments

About the Author:

Ben Gran is a freelance writer based in Des Moines, Iowa. He has written for Fortune 500 companies, the Governor of Iowa, the U.S. Secretary of the Navy, and many corporate clients nationally and internationally, from Los Angeles to New York to Washington, D.C., from Germany to Tokyo to London to Western Australia.

2 Comments

  1. Nikki September 10, 2012 at 6:34 pm - Reply

    For all the reasons you listed to hire an accountant, the right accounting software – created specifically for entrepreneurs in small business, startups or independent contracting – can do the same.

    But at the point where business is booming and hiring an accountant seems like the best move, just remember to maintain due diligence in managing your finances. Here’s an article about a CEO who recklessly trusted his accountant with his finances and ended up in BANKRUPTCY: http://billysbilling.com/blog/I-never-understood-the-importance-of-Accounting/

    Hiring an accountant is a good thing, but be sure you keep the lines of communication open. Also make it a priority to learn at least the fundamentals of accounting so that you can practice good money management.

    I wish you the best in business 🙂

  2. Charter Partners January 20, 2015 at 1:37 am - Reply

    The best thing accountants do is simplify the whole process for you and give you his ability and availability when an accounting or tax issue comes up. This way, a business owner or manager can spend more time focusing on the core of the business.

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