69 Reasons to Hire Small Business Accountants

| February 8, 2015 | By


Are small business accountants really worth the cost? Most entrepreneurs do their best to take care of the books themselves or have a family member do it.  We get it - it's about saving money, but did you know there are 69 irrefutable benefits to passing the books over to an accountant?  It's true.  Here they are in all of their glory. 

p.s. Once you get an accountant, click here to see a checklist of the things they should be doing for you!

Benefits of Hiring Small Business Accountants

  1. Get your books current and keep them that way. 
  2. Know how much cash you have in your bank accounts at all times. 
  3. Pay your bills on time. 
  4. Forecast future cashflow needs. 
  5. Conquer the QuickBooks monster. 
  6. Improve your collections rate. 
  7. Build a better invoice template. 
  8. Avoid interest and penalties on late payments. 
  9. Get your information to your CPA easily. 
  10. Focus you time on customer satisfaction and acquisition. 
  11. Get consistent reports. 
  12. Get your sales tax reports done. 
  13. Let them do the 940s, 941s, and more. 
  14. Be compliant in your payroll responsibilities. 
  15. Get a monthly balance sheet. 
  16. Get a monthly income statement. 
  17. Set a budget and follow it. 
  18. Learn your break-even point. 
  19. Get out of debt quicker with a debt reduction plan. 
  20. Spend more time with your family versus a pile of receipts. 
  21. Be prepared if you get audited. 
  22. Look better in front of customers and vendors with proper documentation. 
  23. Be able to say, "I'll have my accountant look at that and get back to you."
  24. Improve your cost control strategy. 
  25. Get help tracking time and expenses. 
  26. Get custom reports created daily, weekly or monthly. 
  27. Get the paperwork off of your desk.
  28. Get someone who specializes in finance and can improve systems. 
  29. Have your accountant on speed dial. 
  30. Know the full-burden cost of your employees. 
  31. Make better financial decisions. 
  32. Get updated on key business metrics. 
  33. Know the tax consequences of a decision before you make it. 
  34. Get your fixed assets organized. 
  35. Avoid paying for unapproved expense reimbursements. 
  36. Stay connected to your finances without getting bogged down. 
  37. Know your gross margin. 
  38. Know your net margin. 
  39. Compare your company's financial performance to industry benchmarks. 
  40. Sleep better at night knowing it's handled. 
  41. Use your free time to read a Seth Godin book. 
  42. Improve company culture with strong finances. 
  43. Create a cash buffer against rainy days. 
  44. Set up finance charges for customers that pay late. 
  45. Get a collections process in place. 
  46. Send out monthly statements. 
  47. Implement accounting tools on your cell phone. 
  48. Stay educated on new accounting requirements. 
  49. Have someone that can deal with state documents. 
  50. Create a hiring budget for key staff members.
  51. Calculate the ROI on marketing systems. 
  52. Lower your cost per unit. 
  53. Eliminate unnecessary overhead. 
  54. Be GAAP compliant. 
  55. Make sure your credit card gets paid on time. 
  56. Get better vendor discounts. 
  57. Build a stronger company.
  58. Use your excess cash to invest in growth. 
  59. Pay yourself more. 
  60. Eliminate waste. 
  61. Create accounting processes to prevent fraud and theft. 
  62. Know how much inventory you have. 
  63. Know what your inventory is worth. 
  64. Make sure you're booking loan payments correctly. 
  65. Get more deductions. 
  66. Track your owner equity. 
  67. Know how much your business is worth. 
  68. Ensure that your business partners are being financially fair. 
  69. Have a financial system that you can rely on.

What to do if you need an accountant

If you're on the fence about hiring an accountant, feel free to schedule a 30 minute evaluation below.  Also, here are a few more links to help you find the best solution for your business: 

How to Hire and Accountant:  10 Critical Questions to Ask

Infographic:  In-house Accountants or Outsourced Accountants

30 Minute Meeting with an Accountant