Do I Need an Accountant: A Breakdown

Once a business starts getting off the ground, many business-owners or self-employed people start wondering ‘do I need an accountant?’ Often, it can help save you both time and money.

However, many people are conflicted as well, as they believe they can do the work of an accountant themselves. Read on for some questions to ascertain whether you should hire an accountant sooner rather than later.

Can I Do It Myself?

Although you likely can and have been doing the work of an accountant yourself, the question is more about whether you need to do the work yourself. Filing taxes and the like can be done by anyone to the extent that the law demands, but the work of an accountant goes further than that.

One of the key benefits of hiring an accountant is that they can help save you money and make smart business decisions to make you more money. You might be able to do the basics of accountancy to stay within the bounds of the law, but accountants can make your finances work harder for your business.

Can I Afford to Outsource?

Of course, hiring an accountant doesn’t come for free. Before you commit to hiring an accountant, you need to make sure that you can afford it. Accountants come at a variety of different price points, so you can often find one to suit your budget.

If you have basic accountancy needs, such as annual tax returns and the odd bit of paperwork, then you could hire an ad-hoc, part-time accountant to help out as and when you need it. This is just one way you can keep costs down.

Do I Need a Bookkeeper Instead?

Not many people realize that bookkeeping and accounting are quite different roles, although there is some overlap. Bookkeeping is more about tracking and analyzing finances, which can be enough to tide you over without an accountant.

Will an Accountant Help Me Long-Term?

The key benefits of an accountant are to help your business grow in the long-term, much like any other investment in your business. Think about whether you plan to expand your business into other areas of the country or even overseas.

Having someone on your team who understands the intricacies of financial law can help you expand with confidence. Accountants can help you grow your business in a whole wealth of other ways that you won’t discover until you seek their advice firsthand.

Do I Need an Accountant?

Ultimately, the question of ‘should I hire an accountant’ should be answered by your answers to the questions above. If your answers seem to show more pros of hiring an accountant than cons, then you should have your answer already prepared.

You can always start small when it comes to hiring an accountant, with a part-time accountant or an accountancy agency. Later, build it up as and when you need to, and grow your business with the support of accountancy knowledge.

Find Out More

Now that you have been able to determine ‘do I need an accountant’, you might want to explore more topics related to business and finance.

Browse through our business blog section to learn more about topics relevant to this area.