Eight Reasons for Hiring an Accountant
Do business owners still need to hire an accountant?
Definitely yes! Ooopppss, don’t get me wrong. I’m not giving a positive answer because I’m an accountant and I want you to hire me (although that won’t be a bad idea LOL). But I’ve seen my share of clients (small business or big business, doesn’t really matter) who thought they could do everything (before becoming my clients, that is) and then ended up regretting their decision. So, they ended up hiring us. But not before they already made several (sometimes, costly) mistakes in their taxes.
Okay, you ask, what if you have a business but you, yourself, are an accountant or you have a finance background. Do you still need an accountant for your business? Most definitely, yes! Why? Read further and you’ll know why.
So why should you hire an accountant? I’m sure there are various reasons out there, but let me just go through some of them.
Should You Hire an Accountant
My Other Accounting Hubs
- Some Things an Accountant Cannot Do Without
Thanks to dohn121s hub on the things a writer (specifically him) cant do without, I was inspired to write a hub on the things an Accountant can do without. For those who have read my profile, I am a...
- The Tax Busy Season
This time of the year, we, accountants or auditors, are already busy preparing, not for the Christmas holidays, but for what we call our tax busy season. Here in the Philippines and in other...
- Why You Need to Learn Accounting (the Basics, That Is)
Good accounting is often obtained by hiring good accountants or CPAs and/or having well-placed accounting procedures and systems. Most businessman and company owners stop here, thinking that good CPAs and...
- 10 Scandals That Rocked the Accounting World
Im an accountant. My profile says so. My resume highlights it. And yet, I have written only one hub about accounting (and that was looonnnggg time ago). So here I am finding myself writing my second hub...
1) Because you need to concentrate on your business
Sure you have an accounting background. But you’re also a business owner. Sure you can multi-task, but do you want to do so? Or would you rather just concentrate on running your business? Hiring an accountant means you have more time to concentrate on your operations and to grow your business. And let’s face it; that is really important right?
2) Because you need an ‘expert’ to crunch your numbers and prepare your tax returns
If you hire an accountant, chances are, you’ll be hiring an accountant who knows how to prepare your financial statements and your tax returns. That’s their (I mean, our) business and that’s where they’re (I mean, we) good at. So save yourself the headache trying to be a jack of all trades (your business plus your finance plus your accounting plus your taxes, etc.) and just concentrate on your business. Leave the numbers and the taxes to those who breath them day in and day out.
3) Because it is more efficient that way
Outsourcing your accounting and your tax preparation nowadays is viewed as more efficient rather than doing everything on your own. Your time is more precious than sitting behind the desk balancing your books, filling up your tax forms and paying your taxes. Let your accountant do these things, it is more efficient that way.
4) Because it is less costly…
Than being slapped with penalties and interests because you forgot to pay your taxes on or before the deadline or you make a mistake and you accidentally under declared your income or over declared your expenses. I don’t mean that hiring an accountant will mean that everything is 100% accurate but it could mean less mistakes. It’s our job to make it so and it is what we are paid to do.
5) Because there are just too many tax rules and accounting standards to keep up with
Okay, let’s say you are an accountant. You took an accounting course in college, graduated with honors, passed the board exam. But instead of practicing your profession, you went into business. And you think you don’t need to hire an accountant because you know all about the tax rules and accounting standards. Right? Wrong! Tax rules change over time and accounting standards? Well they are now changing too. I don’t mean that you can’t keep up with them but, honestly, do you want to pressure yourself to attend all those seminars, trainings, conferences, etc. etc.? Or how about reading all those new rules, laws and standards? One thing that separates practicing accountants from those who graduated as accountants but are not practicing their profession is that part of our job is to make sure that we are updated all the time, every time. I’m not trying to be condescending but let’s face it, we have the time. You don’t. It’s our job, it’s not yours.
6) Because we learn from other businesses, as well
As practicing accountants, we have various clients from various industries. We learn from different types of businesses, from different entrepreneurs with different styles. And we bring the benefits of what we learned to you. For us, the technical knowledge is just half (even less) of what makes us practicing accountants. The rest is composed of actual experiences and knowledge. Beyond the numbers and the taxes, we can also be your consultants as well and apply what we have learned from other clients in your business. Of course, don’t expect us to tell you from whom we learned these things, confidentiality is still the name of our game.
Hiring an Accountant will save you time
8 Reasons Why You Need to Hire an Accountant
- 8 Reasons Why You Need to Hire an Accountant for Your Business - Emievill.com
This blog gives another 8 reasons why you need to hire an accountant. Don't be put off by the local words, just read the blog.
7) Because we can do other services as well
We don’t only crunch the number and calculate and file your taxes, we can do other services as well. From registering your business, to meeting with the tax guys for your account, to preparing a business plan (heck, even a long, thick feasibility study), to making an analysis, we’re your man (or woman).
8) Because you need to start right
I’ve seen clients who hire me when they have already been in operations after a few months or even a few years (without the benefit of an accountant, mind you). And while, honestly, we don’t mind the additional business, we’d rather prefer it if you hired us from the start. Why? Because it will save both of us the headaches of trying to clean up whatever mess you made when you still didn’t have an accountant. I’m not kidding. I’m just being honest.
And that’s it. Just one more – we’re in the business of serving our clients and if you want your numbers straight and your taxes prepared and filed properly, it is our job to do what you want. These are the eight reasons why you need to hire an accountant. Can you come up with reasons why you don’t need one?
More by this Author
You may think that hiring a good accountant is all you need to have a good accounting system, but this is not true. You, as a business owner, also have to learn accounting. Found out why by reading this hub.
This hub enumerates the reasons why the writer decided to become an accountant.
Getting a tattoo for the first time? Read first this hub before you finally decide to get one.