An accountant can seem like a major expense, especially if you are a freelancer or a small business. But they can save you time, money, and most importantly, trouble with the IRS. The peace of mind in knowing that everything is done correctly will help you sleep at night and that alone makes it well worth the cost. So how do you know when it’s something you can handle on your own and when it’s time to call for help?
When your business has grown or you’ve added on new endeavors
If you’ve added in employees, an extra location, or went from a home office to a business location where you pay to use a space, it might be time for an accountant. If your business has grown significantly, there is more room for error.
When plan to expand
If you find yourself spending more time figuring out your finances than anything else business-related, you’ll realize this is holding you back from growing your business. Spending the money for an accountant now means more time and money for you in the long run. An accountant can be a great asset and can grow WITH your business.
You’re working in multiple states
If you have new locations that are in multiple states or if you live near a state border and work in both two states regularly, you may need the assistance of an accountant. Tax laws vary per state and it can be easy to miss the differences if you aren’t a professional.
You are trying to get a loan An accountant can be of great assistance when it comes time to get a loan. Since an accountant keeps track of your finances they can help your business prove it’s loan worthiness to the bank. They will also be able to let you know if the loan interest rates are fair for someone in your position.
Taxes!
A lot of businesses hire accountants only at tax time. This can work well if you are capable of keeping track of your business finances throughout the year but simply need assistance at tax time. They can make sure that your company is following appropriate tax laws, let you know the best way for your business to go about getting tax rebates — such as giving donations to nonprofits, and they will usually guarantee some assistance in the instance you should get audited after they’ve done your taxes.
In closing, if you ever aren’t sure about something as important as your finances, it’s always best to bring in a professional.
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