Does Your Small Business Need Accounting Services?

Proverbs 15:22  Without advice plans go wrong, but with many advisers they succeed.

Small Business Accounting Services

When it comes to running your own business, you might ask yourself if you should do your own bookkeeping or hire an accountant. Of course, doing things yourself will be cheaper because you won’t have to pay anyone to work on your books for you. However, it is really time consuming to do this yourself and you might miss a filing deadline or forget a crucial form. If you are asking yourself whether or not you should hire an accountant or do things yourself, here are a few things to think about the following before you decide.

Accounting Services Save Time 

Do you have the time to do your own bookkeeping? When you are first starting out you may have no other choice, but, doing it yourself can be time consuming and if your business is booming, you probably don’t have the extra time to do this yourself. Consider the “opportunity cost” how much more could you make if you focused on generating new business or focused on your strengths? If you have the money to pay an accountant, it is probably money well spent, often they can think of deductions, prevent penalties and handle things like accounts receivable loans that will more than pay for their services.

Accounting Services Ensure Consistency and Accuracy

Are you able to be consistent and organized with your finances? Do you really know what you are doing with your finances? Are you keeping track of every single penny coming in and going out? If you are, then that is great and you may not need to pay someone else to do this for you. However, you need to be accurate with everything coming in and going out with your money and business. What one person calls a mistake or oversight the IRS may consider an attempt at fraud. If you don’t think you can be consistent and keep track of things the way an accountant would, you should consider hiring an accounting service to do this for you.

 Accounting Services Can Actually Save You Money

Can you afford to do things yourself in case you mess something up? Or can you afford the extra money it will take to pay someone else to locate and fix your mistakes for you? Although accountants can be expensive, they are often worth it because they have the knowledge it takes to keep track of everything and locate every deduction you are entitled to.

Hiring an accountant for your small business is an important decision to make. The key is to find one that fits your style and is knowledgeable in handling your type of business.

See Also:

• • The Joys of Outsourcing
  • 5 Tips for Managing Your Personal and Small Business Finances at the Same Time
  • Why Your Small Business Needs an Accountant
  • What Is Inflation Accounting?

Resources From Amazon

• Accounting Made Simple: Accounting Explained in 100 Pages or
  Less
• Accounting For Dummies
• Financial Statements: A Step-by-Step Guide to Understanding and
  Creating Financial Reports
• The Accounting Game: Basic Accounting Fresh from the Lemonade Stand —is a “Fantastic Learning Tool…Don’t let this book title fool you. It is not an oversimplification of accounting and financial principles. It is, however, a serious and very effective examination of a very small but progressively complex business. There are not many books available on the market that make a complex and dry subject understandable and even fun. This book successfully does just that.” -Amazon Reviewer

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