Many small businesses do their own bookkeeping when they start out. When you’re only a couple of people, you can manage on your own.
For a while, at least. Once you scale up your operation, you need more help with your finances.
An accountant’s fees are part of your necessary outgoings. They’re not a profit-generating expense like marketing or production costs.
Yet what are those outgoings? How much does it cost to hire an accountant?
We can’t give you an exact figure. It varies based on what they need to do. That said, if you’re wondering why you would hire an accountant, read on to learn more.
Time Is Literally Money
Office workers can lose up to a third of their working day when doing admin. Not all of that is financial, but it shows how admin becomes a time suck.
It may seem simple to do your own bookkeeping when you start out. Yet as your business grows, so do the demands on your accounting skills.
No matter how good you are with financial tasks, accountants can do them faster. That’s because they’re trained in the processes and they’re specialists in their field.
Delegate these tasks to your accountant so you can get on with profit-generating work.
An Accountant Is an Investment, Not a Cost
You may know enough of accounting tasks to run your business on a day-to-day basis. Yet there are many complicated procedures behind running a business.
It costs you time to learn all these processes. Making a mistake with them can also cost a lot of money.
You don’t need to be an expert at everything! Hire an accountant to handle the accounting issues beyond your experience.
Tax returns are a good example of this. There are lots of ways to cut your tax bill, both when you do your return and during the year.
Your accountant knows which methods will work for your business. If you’re wondering when to hire an accountant for taxes? The time is now. They can help you reduce your bill even if your return isn’t due yet.
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An accountant can even save you money. They zero in on the money going out of your business.
This means they’ll spot unnecessary expenses, like subscriptions you no longer use. Cutting these expenditures frees up money you can invest elsewhere.
Accountants are also business experts. They can help you achieve better growth because they understand where your business is now.
Consult an accountant when you need to write a business plan. They have the detailed figures you need to create the plan. Your accountant can also help you with income forecasts and other financial information.
How Much Does It Cost to Hire an Accountant?
As you can see, the question is less “how much does it cost to hire an accountant?” It’s more “How much will it cost not to hire one?
Save time by giving up financial tasks to the experts. We can save you money and help you avoid mistakes, especially around tax returns.
Why not take advantage of our business savvy and financial wizardry to boost your business? Check out our pricing list to see transparent fixed accounting prices.
