You’re running a medium-sized business and have been keeping up with your bank account needs and invoices so far. However, you’re looking to expand – with your sales picking up and the business expanding its clientele pool. You’ve also been spending more time on the not-so-exciting side of entrepreneurship.
You’re perhaps, also, already knee-deep in accounts receivables1, accounts payable and numerous receipts – struggling with unending bills, pay stubs, and tax issues. You’ve tried seeking professional help, but that’s another bill added to your mountain of debts.
Well, you need to hire a trusted and professional accountant to help you tackle all these problems. Unlike hiring a freelance professional financial adviser, an accountant will cost you less and also be the God-sent help you desperately need.
All About Accounting
What Does an Accountant Do?
Certified Public Accountants (CPAs) 2 are professionals who handle the bookkeeping and works on your balance sheets, profit-and-loss statements, and other critical financially-related papers.
They also perform audits, handle personal tax accounts, help in filing tax returns, and work on any financial work that’s part of running your firm – they’re the financial nerd you need to make sure your business runs smoothly.
These professionals have an extensive understanding of financial and legal issues. They’re legally responsible for their clientele to offer unbiased information and avoid negligence at work. Based on what the needs of your firm, some accountants can also act as a liaison between your enterprise and third-party vendors, consumers, and financial organisations.
The Value of Accountants
Certified Public Accountants must have at least 40 hours of Continuing Professional Education (CPE) to maintain their license.
CPE allows an accountant to keep up with the daily financial news, recent economic developments, and the reporting requirements in the finance industry. Therefore, most CPAs have to keep up with their education to stay certified. It’s why they’re the industry experts and valuable to you and your business.
Types of Accountants
Certified Public Accountant (CPA)
Why You Need to Hire an Accountant
As an entrepreneur, you wear lots of hats and often struggle with delegating some of the control to others – the firm is your baby, anyway. Financial matters are hectic, so you’re looking for a way to solve all these issues. Well, here are the reasons you need to hire a trusted accountant for your business:
Accountants Help You Save on TimeIn business, there are lots of tasks to be handled, from public relations, accounts, marketing, among other things. Hiring an accountant will help you save on time since they make sure you fill out financial forms correctly and ensure you also meet the critical deadlines.
CPAs Help You Save MoneyWhen you try to handle all tasks alone, you can end up filling forms incorrectly or fail to follow the stipulated guidelines. With a trusted accountant, however, you can relax since he/she will help you track all your invoices, ensure that you’re up-to-date with all the tax requirements4, and help you take advantage of any legal benefits.
Accountants Offer Unbiased AdviceSometimes you can experience a substantial financial windfall, but having an accountant can help you have all your ducks in a row. They’re required to offer you unbiased information regarding your finances and when providing their input on various issues. They also provide you with solutions based on sound and number-driven evidence. So you can rest easy knowing you’re safe.
CPAs Help Settle Your WorriesFinancial responsibilities are the most daunting part of any business or even personal life. A CPA helps in relieving your stresses, and they act as your financial mentor and help you effortlessly navigate through the difficult and stressful financial situations.
CPAs Also Offer New InformationDealing with taxes can be tricky, especially when you have a small business. An accountant helps in keeping you in compliance with tax laws by calculating payroll taxes for your staff or staying up-to-date with the sales tax changes for each of your products and services.
Frequently Asked Questions
A chartered accountant is a universal accounting term granted to accounting professionals around the world – it’s equivalent to a certified public accountant.
Yes. There are various tasks that different accountants handle depending on the needs of your firm. Some of these include forensic accountants, cost-handling accountants, government accountants, investment accountants, and tax accountants.
It doesn’t matter if you’re the CEO of your firm or you want to stay organised, hiring an accountant has several benefits.
Financial issues can take a toll on you if you don’t know what you’re doing. By allowing an accountant to take care of your financial reporting, you’ll get enough time to focus on other matters, thus enabling you to be more relaxed. Your firm will also be in a more organized and efficient financial state.
Whether you’re starting a new business venture or your firm is expanding, hiring an accountant is an essential step in your business. So, stop trying to wear all the hats in your firm and hire an accountant today!
You can, but it’s not recommended. Even though you need to learn the basics of bookkeeping, hiring an accountant who’s specially trained to make the most of the efficiency of record-keeping can be the help you need. CPAs are the knight-in-shining-armour of the finance world.
They also save you money by avoiding tax policies and providing you with business advice, thus allowing you to make informed decisions.
Yes, there are. Like the various accountant hats, there are several certificates and accountant can gain. When hiring one, it’s vital to check and see if your accountant holds the appropriate accounting certificate.
Some of the most common accounting certificates include Certified Public Accountant (CPA), Certified Information Systems Auditor (CISA), Enrolled Agent (EA), Certified Financial Analyst (CFA), Certified Internal Auditor (CIA), Certified Management Accountant (CMA), Certified Fraud Examiner (CFE), Certified Bank Auditor (CBA), and Certified Government Auditing Professional (CGAP).