There are more than 1.3 million accountants working in the United States today, and the field is growing at a rapid rate.
Clearly, there's a strong need in this country for employees who know how to handle money.
Have you been considering hiring an accountant for your business? Are you on the fence about whether or not it'll be worth the extra expense?
Accountants bring a lot to the table, especially for new entrepreneurs. Read on to learn seven reasons why your business should hire an accountant.
1. Focus on What Really Matters
When you hire an accountant to handle your business's financial matters, you free yourself to focus on other things.
If you're not stretched thin dealing with every aspect of your business, you'll have time to focus on the things that only you can do -- the things that help your business to grow and thrive.
It's worth it to spend money on an accountant if it means you have more bandwidth to think about ways to expand your business and bring in more revenue.
2. Better Work-Life Balance
If you're able to focus more time on the core aspects of your business, you may also find that you don't have to spend as much time at the office as you did before. This, in turn, will allow you to spend more time with your family and enjoy a better work-life balance.
A better work-life balance will help to minimize your risk of burnout. This, in turn, will allow you to sustain your business and keep it growing long-term.
3. Get Professional Advice
Before you're considering a big move for your company, such as franchising or buying another business, it's important to consult with an accountant.
They'll be able to let you know whether or not the step you're thinking about taking is a smart financial move. They'll also be able to advise you on the best way to handle it.
4. New Perspective
As an entrepreneur, you likely look at everything through one specific lens.
This can make it harder for you to see the big picture, and it could hold you back from making the best decisions for your business's long-term growth and success.
If you have an accountant on your staff, you'll be working with someone who is better able to look at things in an objective way.
This, in turn, can help you avoid making serious business mistakes because you were being too near-sighted.
5. Create a Plan for Your Business
It helps to work with an accountant when you're creating your business plan and thinking about how you're going to spend money as your business continues to grow.
An accountant will help you make sure you're scaling in an intelligent way and are making decisions that will help your company to be most profitable.
6. Get Help with Taxes
Ah, taxes. Does anybody really understand them? Accountants do, and they can help you make sure you're handling your taxes in the correct way.
Having an accountant on your team will minimize your risk of being audited or making serious mistakes when filing your taxes.
An accountant can also help you ensure you're taking advantage of every deduction available to you and not paying the government more than you should.
7. Get Help with Loan Applications
In situations where you need to apply for loans for your business, an accountant is invaluable.
They'll help you to assess different loan agreements, whether you're applying for small business loans or installment loans for bad credit, and decide which one is best for your business.
Having an accountant on your staff can also make you seem like less of a risk to banks and credit unions and could help to increase your chance of having your application approved.
How to Choose the Right Accountant
Accountants definitely have a lot to offer businesses of every kind. In order to experience the benefits that accountants can bring to your business, though, you need to hire the right one.
Here are some tips that will help you choose the best accountant for your business:
Consider Their Location
Is it important for you to have an in-house accountant? Or, do you just want them to be close enough that you can drive to their office without wasting too much time?
Technically, your accountant doesn't need to work anywhere near you. They could even be in a different state. Thanks to technology, your accountant can work for you from anywhere.
Be sure to consider whether you want to work with someone who's remote or want someone close by.
Assess Their Credentials
Find out what credentials each accountant you interview has before you choose someone for the job. Ideally, they will be a Chartered Accountant (CA) or a Certified Public Accountant (CPA).
These accountants have gone through additional training and have more knowledge than others in their field. This makes them much more valuable to your business.
Ask About Their Experience
It's best if you can work with an accountant who has experience working with businesses like yours.
It's not good for them to work with your competitors (that could be a conflict of interest), but they should have an idea of how your business works and what kind of specific needs you have.
Ask what kinds of clients each accountant works with to find someone who is likely to understand your niche.
You Know Why Your Business Should Hire an Accountant: Now What?
As you can see, there are lots of reasons why your business should hire an accountant. If you want to stay on top of your business's finances and reap all the other benefits that accountants have to offer, you ought to hire one right away.
Be sure to keep this information in mind so you can choose the best person for the job.
Do you need more help finding the right accountant for your business?
If so, check out some of the other accounting and business-related articles on our site today. They're full of good advice that will help you through the search process and learn the best way to manage your business.