Small business owners wear a lot of hats, such as head marketer, sales lead, and inventory manager, among others. Depending on how long you’ve owned your business (and depending on how large your organization is), you may also be serving as your in-house accountant.
Accounting duties can take a lot of time, and as the saying goes, “time is money.” If you’re starting to worry that your accounting duties are taking a back seat (or you feel as if you’re spending too much time on them), it may be time to hire an expert. Below are just a few of the signs you should consider hiring a CPA.
You run a higher risk of making errors
When it comes to accounting documents, payroll taxes, and quarterly (or year-end) taxes, accuracy is everything. If you’re not a seasoned CPA, you run the risk of making errors. This isn’t to say you’re not good with numbers, but oftentimes, when non-tax professionals prepare tax documents, errors happen.
Inaccurate tax returns not only run the risk of inaccurate tax bills, and in some cases, they can lead to an IRS audit.
When you hire a CPA, you’ll be able to sit back, and rest assured that your accounting matters are being handled. This will also let you get back to doing what you do best: running your business.
Tax season stresses you out
The only constant in tax law is that it constantly changes—and keeping up with these changes, year after year, can be a lot. Certified Public Accountants know far more about tax law than bookkeepers and accountants, and they stay up to date on the changes in the tax code. It’s also worth noting that CPAs are required to participate in continuing education to maintain their license. When you outsource your accounting to a CPA, you’re bound to feel less stressed because you’ll have their knowledge and experience working to your advantage.
Your business is expanding
As your company grows, the amount of time you’ll need to spend on accounting duties will grow alongside it. Remember- every minute you spend on business accounting is a minute you’re not spending on growing your bottom line.
If you’ve been thinking about hiring a CPA but you still have questions, we can help. The seasoned team of experts at Hughes, Snell & Co., PA is here to help. Call our office today to schedule a free, no-obligation with an experienced CPA you can trust.