From the moment you decide to start your own business, you are accumulating expenses. You may not have income at that moment, but you are in constant motion to get your new business started. From the time you buy your first tablet of paper to take notes and organize your ideas to the purchasing of your laptop, business equipment, lease, and adding new operating expenses, you are in need of a professional financial organizer.
You may think you can manage your business accounting on your own. But as your business gets underway, your passion, time, and energy need to be directed to obtaining clients, keeping them happy, and growing your business. The long, busy days make keeping organized difficult, and you are bound to miss something that could save you money in the future. If you are not familiar with tax laws, work with someone who is.
How To Find a Business Accountant
When you decide it is time to find a business accountant, you may go directly to friends and family for a reference. This can be a good resource, but if they are not familiar with what your business really needs, this could be more of a waste of time. If you have an attorney, they can also be a resource in your search.
Another good way to find a business accountant and that will save you time in the searching process is to turn to companies who do the search for you like Ageras. These companies will consult with you to find out about your business, its industry, and your specific needs. They will then do a search of qualified professionals who specifically fit what you are looking for and are located in your area. From there you can talk to a handful of accountants and find the one that best fits your business needs and who you feel comfortable working with.
Benefits of Having a Business Accountant
You may be great at your new business, but managing your ledgers, financial statements, and making sure you don’t miss anything is something you can leave to a professional. Below is a list of how your business accountant can benefit your business and why it is important to have one:
- Save Time and Money. You will save time, money, and frustration by giving this important responsibility to your accountant. They will keep you organized and provide recommendations on planning for business deductions that will save you money in the future.
- Correct Bookkeeping. As your business grows, daily bookkeeping gets more complicated. No longer is it simple expenses, income, and understanding debits and credits. Daily transactions, paying vendors, purchasing equipment, client transactions, etc. all need to be correctly accounted for and managed.
- Filing of Taxes and Financial Statements. The stress of timely filing of all financials can be handled by your accountant. They will keep you on the good side of the Internal Revenue Service and the Securities and Exchange Commission.
- Future Planning. Having a professional financial advisor working with you will enable you to analyze your business and make future projections and business decisions. You will be able to see when and if big purchases are in your best interest.
- Business Growth. Your business accountant is there to help you grow your business. They become your financial partner and are there to meet with you a couple of times a year or even quarterly to advise you.
Cost of a Business Accountant
One of the things to consider when you consult with various business accountants is their fee and billing structure. Most charge by the hour. and you can expect to pay from $125 to $425 an hour. For a small business with minimal accounting needs, it can range from $100 to $250 an hour. Adding this expense to your business may not seem like a good recommendation, but having this financial professional working with you from day one to set up your specific accounting system will save you much more money in the long run. One hour of their time is well worth the hundreds of dollars they can save you throughout the year.
With your search behind you, and a new financial advisor working for you, you can now take your time and passion for your business and focus on your clients and the future of your company.