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Is Hiring a Business Accountant Necessary?

Is Hiring a Business Accountant Necessary?

by ReddyPrasad

To run a small business is enough of a difficult task on its own. For example, not only do you have to deal with functions such as sales and customer relations, but as a business owner, you also have to deal with finances.

Don’t fret! You can take at least one of those responsibilities off your plate by hiring a business accountant.

Keep reading to learn if hiring a business account can benefit your small business.

Can You Do Your Own Business Accounting? 

Do you have the time to do your own small business accounting? Likewise, do you have any accounting experience? If not, then it may be time for you to hire a business accountant.

On the other hand, if you’re familiar with using computer software, then you’ll likely be able to teach yourself how to use an accounting program. But, if you have no tech experience and lack the time necessary to dedicate to accounting, then it may be in your business’s best interest to hire an accountant.

Working With a CPA

A Certified Public Accountant (CPA) is a professional with a certification from a state examining board. Such a certification shows that the accountant meets the state’s legal requirements.

CPAs charge anywhere from 100 to 300 dollars per hour on average to do complex business taxes. But, be aware that some CPAs may add fees for anything that goes beyond their standard tax services.

Unless you have the budget to hire an in-house full-time accountant, then hiring a CPA is the more economical choice.

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Working With a Bookkeeper

Daily accounting tasks are best left to a bookkeeper. Depending on the circumstances, a bookkeeper may charge anywhere between 25 to 35 dollars per hour.

Often small business owners will take on a bookkeeper part-time to help them set up an accounting system and enter transactions. The bookkeeper will then stay part-time until the small business grows enough to justify expanding the bookkeeper’s role to a full-time position.

But you may not even have the budget to take on a part-time bookkeeper. If that’s the case, then you still have options available to you.

An Alternative To Hiring a Business Accountant 

You don’t have to hire an accountant to take care of your small business finances. Rather, you can use business accounting software to do tasks such as managing your business expenses. If you’d like to use such an alternative, then take a look at this spend management tool.

Take Charge of Your Small Business Accounting 

When it comes to handling your small business finances, you can either hire a business accountant or use business accounting software. Which route you decide to take will depend on many factors. These factors may include how much time you’re able to dedicate to accounting, your budget, and your comfort level with using computer programs.

If you find this helpful, then you can look through our business archives to discover more informative, related content.

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