Your Guide To Hiring An Accountant
When your business begins to grow, your priorities and requirements will begin to shift with it. This might mean you hire more people, start outsourcing your marketing, invest in a larger office space or expand your product line. Whatever the changes you want to make, they are all the product of your fabulous success so far as a business.
One crucial aspect to your business’ modus operandi is the financial viability and organisation of the company. If you need more support in this area, this is your guide to hiring an accountant for your business.
- Assess your accountancy needs
First thing’s first: you must assess your accountancy needs. If you have previously worked with an accountant and you aren’t sure how to expand this, you should ask them for their expert opinion on the needs of your company, or speak with a financial advisor.
Every business has a unique set of needs, depending on a combined set of factors. These include:
- The number of employees you have in the company.
- The current financial state of your company.
- Your financial organisational system – i.e using automated accounting systems.
By assessing these elements, you will be able to figure out how much support you need from a professional accountant.
It might be that you need to hire a full-time accountancy staff member, or multiple staff members; perhaps you could recruit from an accountancy recruitment agency; or indeed work with a freelance accountant if your needs are minimal. The first step to this process is assessing your accountancy needs in order to invest in adequate accounting support.
- Can software do the work?
One element of accounting technology that you should explore is automated accounting software. While accounting staff are often necessary, small businesses should look as deeply into having automated accounting as possible.
Not only will using software save your business money, but it will reduce office space, eliminate human error and keep your company finances running like clockwork. Accounting software such as Quickbooks is ideal for making payments to a large number of staff members without error.
- Your accounting budget
Finally, one essential element to hiring an accountant is assessing your budget for this venture. It might be that you can afford to hire a full-time accountancy staff member, or several, but for many businesses this isn’t the case. Working within your means allows you to whittle down your realistic options and focus on achievable accounting goals.
How do you assess your accounting budget? If you need an accountant but can’t afford one, it’s time to make sacrifices elsewhere. Having your finances in order not only means you are working within the laws of compliance, but also that you are able to prepare for any financial hits you might take in the future. Accounting should be made a priority, and if that means making sacrifices elsewhere, so be it.
In conclusion, if you are looking to hire an accountant, make sure to assess your company’s needs thoroughly before proceeding.