When Do I Need an Accountant For My Small Business?

Do I need an accountant for my small business?

Are you losing sleep at night because you’re worried about the financial health of your business? If you lack confidence in your knowledge of where your money is going and how to eliminate wasteful spending, you’re not alone. If you’ve found yourself asking the question, ‘ When do I need an accountant for my small business?’, it is probably time to consider one.

Of the top five concerns among small business owners, three relate to challenges surrounding money and financial management.

It doesn’t have to be that way.

Instead of wasting time on tax planning and struggling to make sense of accounting spreadsheets, you could be focusing on business-building activities like customer relations and business expansion. All it takes is the right financial controller to advise and guide you.

Signs That Your Small Business Needs a Dedicated Accountant

One of the first questions you’ll ask during the planning and startup phase is “When do I need an accountant for my small business?”

It’s tempting to look for ways to save money in the beginning. You figure that you can just buy some software and DIY invoicing and bookkeeping duties until your level of business justifies added expenses.

But, what happens when your accounting app turns out to be a nightmare of confusion or you’re spending more time reconciling payment records than serving customers? It’s difficult to prioritize key growth initiatives like revenue generation, devising marketing strategies, and meeting hiring goals when management is spending their time on chores that can be easily – and more cost-effectively – parceled out to a team of dedicated professionals.

You’ll know that your business needs a full-time accountant when:

  1. Bookkeeping is taking time away from more critical tasks
  2. You’re considering a merger or business expansion
  3. You’re experiencing rapid growth
  4. Your customer base and revenues are increasing, but profits aren’t

Such issues not only pull focus from more important objectives, but your finances, cash flow, and customer relationships will suffer.

Do You Need An Accountant? We Can Help.

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How Outsourced Accounting Supports Business Stabilization

While outsourcing accounting services might seem like an unnecessary expense, it’s actually an investment in business viability, sustainability, and even staff moral.

In business, time is money. When business owners, management, and staff waste their time tackling administrative tasks, it means that less of it is spent on activities that lead to growth and profitability.

An Accountant Can Assist You in Sending Invoices on Time

Clients aren’t getting invoiced on time, which leads to delayed payments. That also means that vendors, contractors, and employees aren’t getting paid on time. This contributes to supply chain disruption and staff dissatisfaction. Such issues might even drive business owners to cut costs and services elsewhere or search for expensive outside financing options.

Not sending invoices on time generates mistrust and disorganization.

Not only that, but you and your staff will find that you’re spending more time at work playing catch up and less time on the more important things in life like hobbies, self-care, and interacting with family and friends. The result is diminished quality of life, staff burnout, and higher turnover rates.

All of these factors together lead to business instability.

Rather than being pulled into a downward spiral of confusion, stress, and disorganization, turn your non-critical duties over to a trustworthy professional who’s dedicated to managing your money and nothing else.

Why You Need to Implement Regular Financial Reporting

  1. Timely, accurate financial records, reporting, and filing
  2. Higher staff and customer satisfaction
  3. Time and money savings
  4. Better organization and planning
  5. Strategic, sustainable growth and business expansion
  6. Access to high-quality vendors and suppliers
  7. Higher trust and dependability factor
  8. A leaner, more agile enterprise

Insightful Business Financial Consultation is Close at Hand

Whether you’re a startup or an enterprise that’s growing fast, professional financial management services will provide you with personalized, expert guidance that’s tailored to the needs of your business. At Fusion CPA, we understand your pain points and how to solve them. Contact us today and talk to a dedicated CFO who can guide you on the path to sustainable growth and profitability.

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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.