When something must be done in your small business, you likely do it yourself. You’re a self-starter, that’s how you became an entrepreneur in the first place. But when it comes to accounting, you should make an exception. Doing your own books can put your profits, or even your company itself, at risk. Here are three reasons why your small business should hire an accountant, rather than go it alone.
You’re No Expert!
Unless you are running a bookkeeping business, chances are your accounting expertise is modest at best. If you lack an accounting background, you are probably not equipped to make the best decisions about how to structure your business. You probably don’t know the best techniques to manage cash flows, either. An accountant’s expertise can help inform tough decisions like these and give your business a competitive advantage over its rivals.
Compliance is Mandatory, and Ignorance is No Excuse
Tax laws and government financial regulations are complex, dynamic, and mandatory; your small business must comply with them. Failing to do so can lead to fines, suspensions or worse, and could even imperil your business. Attempting to track all of these rules yourself will consume time and effort better spent on customers and sales. An accountant can help manage these issues for you, so you can focus on improving your bottom line.
Your Bank May Force You to Hire One
A majority of small businesses in the U.S borrow money from banks. They do this to pay startup costs, fund expansions, or simply to cover the bills each month. Most lenders require detailed financial statements prior to approving a loan. They may also require audits to continue offering a line of credit. So in order to secure access to capital, you will likely need to have an accountant.
When it comes to your company’s finances, don’t go it alone. Hire an accountant who can provide the expertise your company needs. And make sure you take advantage of other financial services, too, like VerifiaBill. Expenses like health insurance are complicated and time-consuming, and the risk of discrepancies is high. VerifiaBill can do all the work for you and deliver a transparent bill, saving you time and money.