As a small business owner, you may be required to fill many roles in your company.
While some business owners may have the time and luxury to take on these roles themselves, there are a number of reasons why it may be necessary for a change and make some hires. One question many business owners ask us is “when is the best time to hire a full time accountant?”
So, when do you know it is time to hire a full time accountant? Below are a few suggestions that may help you decide if the time is right for your business.
As your business grows, you will need to focus on expanding your customer base or developing new products or services. Hiring a full time accountant would alleviate the need for you to process invoices, pay bills, and handle the day-to-day financial operations of your business.
A full time accountant can help you focus on growing your business and prioritizing what financial tasks you need to complete. A full time accountant can also focus on the lower priority processes, while leaving you time to focus on other business tasks.
Give You More Time
Time is critical to you as a business owner. Hiring a full time accountant allows you to shift your focus to other priorities. Creating, issuing, and processing invoices or reconciling bank transactions can be skillfully handled by a full time accountant rather than yourself.
Your full time accountant can also generate financial reports to help you remain aware of your business’s financial well being.
Knowledge and Education
Starting a business may be difficult if you do not know how to handle your finances. Hiring a full time accountant is like hiring a consultant who gives you important information and suggestions to help improve your business daily.
The accountant will focus on the financial component of your business and train you at a pace in which you can comfortably learn.
If your business requires adherence to federal or state regulations, the accounting necessary to remain compliant with these rules may require a knowledgeable accountant to assist with your financial operations.
It is easy to get caught up with expanding your business thus forgetting, or not fully understanding certain requirements. Hiring a full time accountant, with specific education and skills, can ensure your business is complying to all regulations, legally.
Whether your business is growing exponentially or you lack critical knowledge, ask yourself “Is it time to hire a full time accountant?”
A full time accountant may be able to aid your business as you
- focus on growth
- save time for personal/other activities
- gain critical knowledge or education
- and overcome complex operations
They can be an exponential resource to ensure the profitability and continuity of your business.