Is Hiring an Accountant Worth It? Benefits of Hiring an Accountant for Your Business

If you’re the founder and CEO of your small business, you have your hands full. So when it comes to financial planning, tax prep, and other financial matters, it’s difficult to dedicate the time to get it done.

That’s where accountants come in. These financial experts can make a major difference when it comes to your company’s financial health. But is hiring an accountant worth it? Here are a few things to consider before making that decision.

Should I Hire an Accountant for My Business?

Lots of businesses start to consider hiring an accountant when tax time rolls around. And while hiring an accountant for your business can certainly make filing taxes faster and easier, an accountant can do much more for your business.

Accountants are financial experts, and their insights can help you plan for your financial future and make sure you’re compliant with financial regulations. They can also handle financial reporting outsourcing and help you keep meticulous financial records. The decision is ultimately up to you, but if your business can afford it, it’s almost always best for you to hire an accountant.

accountant working with documents

When Does a Business Need an Accountant?

An accountant can always benefit your business, but there are some situations where having an accountant is especially critical. With any situation involving important financial reports and decisions, having an accountant is a smart move. For instance, when you’re filing taxes, preparing financial reports, or developing your company’s financial plan, an on-staff accountant can help!

The Benefits of Hiring an Accountant

The benefits of hiring an accountant for a small business can’t be overstated. Here are some of the ways an accountant can help your business succeed:

  • You’ll save money
  • You’ll save time
  • You can make sure you’re compliant with financial laws and regulations
  • You can sharpen your business plan
  • You can take steps to ensure a better financial future
  • You’ll benefit from personalized financial advice

Of course, weigh the pros and cons of hiring an accountant before making hiring decisions!

The Risks of Not Hiring an Accountant

Is hiring an accountant worth it? Only you can answer that question. That said, it’s generally a good choice. If you’re still not sure if it’s worth it, consider some of the risks you take when you don’t hire an accountant:

  • You might miss key tax deductions
  • You may make bookkeeping errors that cost you money
  • You might be more likely to be audited by the IRS
  • You might not know how to address cash flow problems

Some CEOs avoid hiring an accountant for small business because they think it’s too expensive. However, in most cases, businesses can’t afford not to hire one!

How Can an Accountant Help Me Make Better Financial Decisions for My Business?

Accountants don’t just handle little details — they also look at the big picture of your business. An experienced accountant can look closely at your budget and evaluate financial efficiency. They also can identify strategies for growth and help you implement them.

In some cases, your business may grow enough to need an accounting department. If that happens, an experienced business accountant can help you decide your accounting department structure and responsibilities.

What to Consider When Hiring an Accountant

If you hire an accountant for your business, you want to hire the right one. Here are some things to consider:

  • Do they have experience in your field?
  • Do they have qualifications? (Master’s degree, CPA certification, etc.)
  • Do they have a similar risk tolerance to that of your company?
  • Can they perform all of the services you need?
  • Do they have a rate your company can afford?

Don’t be afraid to ask questions about a potential accountant’s strategies and philosophies regarding money. After all, you want your accountant to share your company’s goals! It’s also important to choose an accountant you understand and can get along with.

Is It Worth Hiring an Accountant for a Small Business?

Is hiring an accountant worth it? If you have a small business, the answer is almost always yes. If you still aren’t sure if you want to hire an accountant, you can run a quick risk-benefit analysis:

  • Start by making two columns: one for benefits an accountant gives you and one for costs
  • Write in all benefits and costs you can think of
  • For every benefit, assign a dollar amount
  • Do the same for every cost
  • Add up each column’s total

If the benefit column’s total is greater than the cost column’s total, hiring an accountant will probably be worth it.

How TGG Accounting Can Help

When you hire an accountant, you don’t need to take on a full-time staff member. By outsourcing your business’s finances to TGG Accounting’s experienced professionals, you ensure a brighter financial future for your company.

Whether you just need a single accountant to do your business’s taxes or need to hire a team to work year-round, we can help! We work with accountants across virtually every industry, so we’ll be able to choose the right one for your company.

Ready to outsource? Contact us today to see how we can help your business get and stay on the path to financial success.