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Accounting and bookkeeping

Why Small Businesses Should Have an Accountant on Their Team

As the owner of a small business, you're likely familiar with the challenges of managing your company's finances and increasing your bottom line. 

The countless hours spent on bookkeeping and financial statements can often feel like a time-consuming uphill battle; time that could be better invested in growing your business. 

This is where the expertise of a proficient accountant comes into play. Hiring an accountant for your small business can offer a multitude of benefits that extend beyond just managing the numbers. 

Let’s delve into the pivotal reasons why hiring an accountant is a crucial step towards ensuring the success and sustainability of your small business.

In this article, we’ll explore: 

  1. Do I need an accountant for my small business?
  2. Knowing when to hire an accountant for a small business
  3. How to choose an accountant
  4. Cost of a small business accountant
  5. Benefits of hiring an accountant for small businesses
  6. Collaborate with your accountant on QuickBooks Online
  7. How to transition to QuickBooks Online with your accountant's support

Do I need an accountant for my small business?

The first question that often arises is “do I need an accountant?” The first step in determining the need for an accountant is to evaluate the accounting tasks you need for your small business such as tax preparation, budgeting and forecasting, and preparing various financial statements and reports. Consider hiring an accountant who can tailor their services to suit your small business needs.

While some business owners might initially hesitate to hire an accountant due to budgetary concerns, the advantages of having a professional accountant on board far outweigh the costs. The partnership between a small business and its accountant is instrumental in achieving financial stability and fostering sustainable growth.

Knowing when to hire an accountant for a small business

Knowing when to hire an accountant for a small business can significantly impact your business's growth trajectory. Small business owners can initially use Excel and benefit from various tips and tricks to manage their financial tasks in the short term. 

However, as your business expands, it's essential to consider an accountant to handle the more complex accounting tasks. This transition allows you to streamline your financial management and ensure accuracy. 

It's beneficial to seek an accountant who utilizes automated accounting software like QuickBooks, which can enhance efficiency and provide real-time insights into your business's financial health.

How to choose an accountant

If you’re wondering “how do I find an accountant,” consider factors such as expertise, and the specific financial needs of your business. Start by researching potential candidates, reviewing their qualifications, and seeking recommendations from trusted sources. 

Look for an accountant with experience in your industry and a track record of providing the services you require, whether it's bookkeeping, tax planning, or financial analysis. Additionally, assess their communication style and ensure they align with your business goals. Request a consultation to discuss your needs and gauge how well you can work together. 

Ultimately, choosing an accountant is a critical decision that can significantly impact your business's financial health and overall success.

Cost of a small business accountant 

When considering how to pick an accountant, the cost of a small business accountant can vary based on factors like location and the complexity of your financial needs. Usually, they charge hourly rates ranging from $50 to $150, or they might offer fixed monthly fees starting at around $100. 

When considering factors for how to choose an accountant, it's important to note that while the specific cost varies, hiring a skilled small business accountant is a valuable investment. Finding an accountant for a small business not only ensures accurate financial management but can also lead to smart financial decisions that contribute to the overall success and growth of your business.

Benefits of hiring an accountant for small businesses 

Collaborating with an accountant, particularly one who is well-versed in QuickBooks Online (QBO) can be a game-changer for your small business. 

Beyond managing your financial records, an accountant proficient in QBO can provide valuable insights and recommendations, helping you make informed decisions that propel your business forward.

Benefits of collaborating with accountants include:

1. Time management optimization

With the right accountant, you can prioritize business goals and delegate bookkeeping and administrative tasks for enhanced productivity. Finding the right accountant lets you get back to focusing on your business. That means less time spent balancing your books, inputting data and dealing with daily transactions, so more time can be devoted to growing your business and turning it into a thriving success.

2. Expert guidance

An experienced accountant can provide much-needed strategic advice and insight about the ins and outs of your small business. From determining the best business structure to analyzing your financial statements and helping you prepare your tax return, accountants provide the trusted experience and advice you need to successfully manage your business finances.

Having another pair of eyes to review your books and make sure everything’s correct can go a long way. An accountant can ensure you’re spending money where it counts and that you’re not being double-billed for anything.

3. Facilitating growth

Collaborating with an accountant can help you determine areas within your business that are primed for growth by reviewing your cash flow statements and patterns. He or she can also optimize your inventory, pricing, and any business financing you may need. All of these things will help you focus on the growth aspects of your business instead of getting tied down by the minutiae of admin tasks.

4. Navigating regulations

Accountants ensure compliance with evolving tax laws and regulations, maximizing available benefits and maintaining accurate financial records. Hiring an accountant with a comprehensive understanding of financial regulations and tax compliance can help steer your business in the right direction and prevent potential financial pitfalls.

5. Strategic tax planning

Accountants help manage complex tax obligations, estimate taxes, manage expenses, and guide compliance with tax regulations to ensure you are prepared for tax time.

An accountant will be able to accurately estimate your quarterly taxes and help file monthly payroll taxes on your behalf. He or she can also advise you on the best methods for complying with sales tax regulations in the markets you sell to.

An accountant’s expert advice can reduce your tax bill and save you money on additional penalties and fees for underpayment.

6. Audit preparation and support

Having an accountant on your team is especially important in the event of an audit. He or she will be able to prepare you for the process, walk you through it, offer comfort and support, as well as answer all your questions. In fact, they can likely help you prepare for an audit by suggesting best practices for retaining written records and receipts.

Your accountant will be a trusted advisor who has your business’s best interests at heart. He or she will work on your behalf during an audit situation by being an authoritative representative in these dealings.

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Collaborate with your accountant on QuickBooks Online

With the collaborative features of QuickBooks Online, working with your accountant becomes a streamlined process. Here's how you can efficiently collaborate with your accountant through QuickBooks Online:

  • Real-time Data Sharing: QuickBooks Online facilitates real-time data sharing, enabling your accountant to provide timely advice and suggestions to optimize your business's financial health. 
  • Access to Accounting Reports: Your accountant can create a variety of financial reports straight from the QuickBooks Online dashboard to help you make informed decisions about your small business finances.
  • Effortless File Sharing: You can easily share important financial documents and reports with your accountant through the QuickBooks Online platform, ensuring smooth and efficient collaboration.

How to transition to QuickBooks Online with your accountant's support

Transitioning to QuickBooks Online is a seamless process, especially with the guidance and support of your accountant. 

Your accountant can assist you in setting up your QuickBooks Online account, ensuring that your financial data is accurately migrated and integrated into the platform. 

Additionally, your accountant can provide you with the necessary training and insights to effectively leverage the features of QuickBooks Online for your business's benefit.

One significant advantage of using QuickBooks Online is its widespread adoption by accountants. This reflects the platform's reliability and efficiency, as it is a preferred choice for many accounting professionals. 

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Sign Up to QuickBooks Online Today and unlock your business's full potential

With its comprehensive features and user-friendly interface, QuickBooks Online is the ideal platform for small businesses looking to streamline their financial management processes. 

By signing up to QuickBooks Online, you can harness the power of efficient collaboration with your accountant, ensuring that your business's financial health is in safe hands.

By recognizing the pivotal role of an accountant, and fostering a collaborative relationship with an accountant proficient in QuickBooks Online, small businesses can navigate the complex financial landscape with confidence and ensure a prosperous future.

Sign up for QuickBooks Online today to streamline your business finances and unlock your business's full potential.


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