4 Facts Business Owners Should Know About Finding Accounting Help

As a business owner, do you have professional help for your accounting efforts? That help can come from consultants, online tools, or even permanent employees. Accounting and bookkeeping can both be crucial for the success of any small business. Here are a few good reasons why you should consider getting help with your accounting. 

A Formation Service Can Save You Time 

Let’s say you need to set up an LLC for your small business. You could take the time to search for the appropriate forms and set aside a few hours to fill out and submit those forms. After that, you may need to go back and correct mistakes before completing the process. 

Then again, you could save money and time by using a formation service to complete and file the required paperwork. Operating under an LLC is a great way to save on your future tax returns, and it can also protect your personal assets. Requirements for LLCs can vary according to the state you live in, so you should definitely do some research beforehand. 

Accounting Freelancers Can Work as Needed 

Now, you may not need full-time help with your accounting projects. In fact, most small business owners can get by with some degree of DIY bookkeeping and accounting. Doing so could help you keep your startup costs low and your budget trimmed during those first few years. Plus, there are plenty of accounting tools you can use to make DIY accounting easier and more efficient. 

As things pick up for your business, however, you may find that staying on top of even the smallest accounting task becomes a hassle. Still, you may not be ready to hire your first permanent employee. So what’s the solution? Hire an accounting consultant or freelancer. This professional can work on a per-project basis, so you won’t need to worry about covering a full-time salary. Plus, most freelancers come with their own equipment and software for even more savings. 

Bookkeepers Can Be Even More Affordable 

So maybe you’re okay with numbers and reports, but you simply don’t have the time to stay on top of day-to-day tasks. If this is the case, you may need to hire a bookkeeper rather than an accountant. Bookkeepers typically help business owners with these sorts of tedious projects, but they don’t have to have a lot of specialized training, which makes them a budget-friendly option. 

On the other hand, accountants do have the experience and training to make short work of audits, financial reports, taxes, and more complicated projects. Although their salary requirements may be higher, it may be well worth the extra costs to hire a pro instead. 

Hiring Full-Time Employees Means More Control 

Staying in control of your finances and your business is essential for both short- and long-term success. It makes sense that you also want to have some control when it comes to your staff. If you’re weighing the pros and cons of hiring freelancers as opposed to hiring permanent employees, it’s important to think about how much control you truly need. With a freelance bookkeeper or accountant, you may not have any say in when and where they work. Many freelancers work from home, and while there are practical ways to manage remote employees, this may not be suitable for your business, so hiring full-time staff may be better. 

It’s also crucial to consider all of the potential costs that can be involved with bringing on a new, full-time staff member. In addition to benefits, there may be recruiting and hiring expenses to consider. 

Accounting is too important to leave up to chance, so whether you opt for inexpensive online tools or budget for full-time employees, figure out what sort of help you need to keep your accounting tasks in order and keep your business operating smoothly at all times.

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