Hiring an internal accountant helps you grow a successful business by saving you time and money. From building on your business plan to completing tax audits, an internal accountant makes your life easier.
When to Hire an Accountant For a Small Business
Many small business owners assume they can’t afford to employ an internal accountant. But consider relying on yourself come tax time. Your time is valuable, and you can pay an internal financial expert less than what you’d pay yourself to complete your business accounting.
There are several business finance tasks you can take off your shoulders when you hire a finance professional, including:
- Advice on Your Business Plan
- Hiring an accountant at the beginning stages of your business is beneficial for financial guidance. By using an accounting system software, they can help you create a realistic business plan, increasing your chances of success and growth.
- Business Growth
- If your small business is growing, a finance professional can help you handle transitions, such as hiring employees or purchasing new office space. While you take on growth responsibilities, they can keep financial operations running smoothly.
- Franchise Guidance
- An internal finance employee can review a franchise contract and determine the fees and percentages charged to help you estimate your income after the deducted costs.
- Selling a Business
- If you’re considering selling your business, a finance expert can help you put your financial records in order to show them to prospective buyers.
- Purchasing an Existing Business
- Consulting a financial specialist you know and trust before buying an existing business is a good best practice. They can analyze the business’s financial accounts in detail to determine if anything looks out of place.
- Guidance for Legal Structure
- An experienced accountant can explain various legal business structures to help you choose the best ownership, such as limited companies, limited liability, or sole proprietorship.
- Accounting and Bookkeeping
- The main responsibility of an accountant is to handle your daily finances, such as employee payroll, financial reports, distributing tax returns, and tax filing.
- Tax Auditing
- In the unlikely event that your business is audited, having an accountant on your team is a business best practice. They can offer you advice on the process and ensure tax laws aren’t violated.
- Business Loans
- Employing an accountant gives you a better chance of business loan approval if you should need one. Letting a bank know that you have an experienced accountant conveys how serious you are about your business.
- Government Financial Reports
- Suppose your business requires working with the government. In that case, an internal accountant can complete and file legal and compliance documents, keep you up to date with the latest tax laws, and prepare annual account statements.
The Pros and Cons of Hiring an Accountant
Most experienced accountants specialize in a specific type of accounting, such as payroll processing and tax filing. That’s why it’s crucial to consider employing a highly qualified accountant who you trust to manage complex financial tasks. When you make an accountant a valuable employee on your internal team, you get the benefit of long-term, continued financial advice, and assistance with maximizing your bottom-line cash flow.
Financial employees can be tasked with a variety of duties or a focused niche, depending on your internal team’s size. Small business owners can choose the same person to be responsible for all financial tasks, such as payroll processing, tax preparation, and financial reporting. As your business grows, you can consider hiring more than one employee to take care of various financial needs.
Considering an Outsourced Accounting Firm
Large accounting firms are specialized service providers who serve business customers and consumers. Outsourced firms like this are operated by experienced finance professionals who pick and choose their niche markets, giving small business owners limited control over their accounting processes. While large firms may be advantageous for an enterprise-level company, they’re not the best option for small businesses.
Why Hire a CPA
A certified public accountant (CPA) provides a different set of advice than a larger accounting firm. A CPA is more likely to offer personalized guidance to build a successful business, such as creating an accounting system, developing customized and ongoing tax filing strategies, and a detailed cost control analysis. Small business owners should consider hiring a CPA for continuing assistance.
Let Controller’s Group Help You Find the Right Candidate
Put a halt on outsourcing your financial needs. Controller’s Group, Inc., specializes in helping small business owners find quality candidates in the accounting industry. You can count on our direct hire services to bring you a long-term, quality candidate who will bring lasting value to your business. We take a personal approach to your candidate searches, giving you valuable interview advice and strategies customized to your specific needs.
We understand that running your business is your primary concern. That’s why we do all the heavy-lifting when it comes to establishing candidate criteria when you have a position opening. Our team has the experience, resources, and connections to locate the kind of person you want on your team. The right employee for your business can make all the difference in how soon you reach success.
Candidate Quality Guaranteed
We developed an in-depth screening process so you can rest assured that every candidate you meet is a qualified one. Our process includes in-person and virtual meetings and a detailed analysis of how their skills and experience align with your business goals. Contact us today to learn more about why having an internal financial expert for your business is the best way to meet your goals.