Does your small business need professional accounting services?

Most small business owners use software to handle their bookkeeping and accounting needs.

The main player in the industry is QuickBooks with 80% of the market share for small businesses that use accounting software. QuickBooks is a useful tool for many small business owners to manage the bookkeeping for their business, but it has limitations.

While not every small business needs a full-time accountant on staff, there are some situations where the professional help of an accountant might save you a lot of time and money. Even if you plan to use an accounting software in your day-to-day operations, you might want to consider consulting an accountant when faced with the following scenarios.

1.     Establishing your business

If you’re in the beginning stages of building your own small business, you might benefit more than any other small business owner when it comes to getting professional accounting help. An accountant can help you:

  • Draft a cohesive business plan to secure funding;
  • Decide what kind of business structure is best for your burgeoning business; and
  • Get the necessary licenses to operate.

2.     Setting up your accounting software

Though QuickBooks and other bookkeeping software are marketed to small business owners as easy enough to set up and run all on their own, having some help in the initial set up of your account can lead to smoother sailing later. A couple of hours with a professional accountant to show you how the software works and to make sure all of your tracking is built correctly is well worth the time it will save you later.

3.     Periodic check-ups

Even if you feel like you’re doing an amazing job with your accounting software, having an accountant periodically check over your books is a great idea. Not only can they stop problems before they get out of control, it’ll be one less thing you have to stress about come tax season.

4.     Handling payroll

So, you’ve hired an employee or two (or ten) – great! Having the extra staff will help you grow your business. On the other hand, you’ve just created a whole other set of complications in the operation of your business – tracking employee timesheets and making sure all the paychecks come out on time.

Payroll software that integrates with your accounting software can handle a lot of the day-to-day payroll, but you should roll payroll concerns into your periodic accounting check-ups.

5.     Filing taxes

Speaking of tax season, this time of year is when you’ll appreciate professional accounting help the most. Even if you plan to file your business taxes using QuickBooks or another accounting software, having the peace of mind that everything is in order will reduce your stress.

However, having an accountant file your taxes for you could be the difference between getting audited and not. Unless your business is a sole proprietorship and the tax situation is incredibly simple, an accountant is worth the extra expense to avoid trouble from the IRS.

89% of small businesses report that getting professional help with their accounting made them more successful. The temporary expense of an accountant or bookkeeper can be a lasting investment in your business’s success. To find someone to work with, start with our business directory’s Financial Services section, or even our Payroll Processing section.

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