The accounting industry is a $110 billion industry in the United States. As a small business owner, you are more than aware of just how important accounting is to the success of your venture. When things are small, you can easily do it all yourself.
However, that changes when your business grows beyond your ability. If you’re ready to hire accounting services, consider these factors.
What Accounting Services Are You Looking For?
Not all accountants perform the same duties, so you need to know what you want before starting the hiring process. Perhaps you need someone to assist with your Amazon seller accounting. Maybe you need someone to do your tax preparation.
Consider your current and near-future needs when determining what type of accountant you need. This could change what type of account you look for. For example, a bookkeeper for the role of business accountant, but if you’ll need payroll services in the near future, then an accounting clerk would be a smarter hire.
This is a short list of common accounting services options available to businesses.
- Accounts payable
- Audit preparation
- Accounts receivable
- Day-to-day bookkeeping
- Financial planning and analysis
- Financial statement drafting
- Tax preparation
Should You Hire In-House or a Firm?
Hiring an accountant ensures that you have someone who is dedicated to performing accounting services for your firm. However, your business may not be large enough to require accounting services on a full-time basis. You may be able to hire someone on a part-time basis.
Alternatively, hiring an outside firm gives you access to a complete suite of business finances. This can be more affordable because you don’t have to pay employer payroll taxes, wages, and benefits.
What Can You Afford?
Determining your budget may answer the in-house or firm question for you. If you’re unsure of your budget, you can request a quote for services from a firm to get a better idea. If you want to hire in-house, look at job board websites to see what other businesses are offering for their open accountant positions.
Do You Need Accounting Services?
Before hiring anyone, consider if accounting software could be the right solution. The right software can streamline and automate a manual process. With the right software taking the heavy lifting off your plate, you may not need to hire an accountant just yet.
Choose a software that can scale up with your business. That way, you can stick with one accounting software and add additional services as you need them. This saves you from having to switch software platforms multiple times. Choose a software that can scale up with your business. That way, you can stick with one accounting software and add additional services as you need them. This saves you from having to switch software platforms multiple times.
Hire Accounting Services for Your Business
Your small business is growing, and that’s a wonderful thing! However, it also means that you will need to consider hiring help as the duties become more than you can handle. With this guide, you’ll be able to hire the right accounting services for your needs.
Check out our other business articles for more helpful advice on making your new company a success.