We know how it goes. You spend all day running your small business, only to get home in the evening and realize you still need to update the books and figure out payroll for the next day. Small business accounting can be exhausting! While many small business owners can get away with wearing multiple hats for a while, there comes a time when you just can’t do it all yourself and you need to consider hiring a professional. Here are five signs that your time has come to hire an accountant.
- You’re neglecting important parts of your business. “I had to cancel that meeting with a new vendor because I needed to get payroll finished.” If you start hearing statements like that come out of your mouth, you know that your multi-tasking is taking a toll on your overall business.
- It’s ruining your love for your business. Most people go into business because they love what they do. Unfortunately, what they love is the selling of the clothes or the pride they take in helping people find jobs…NOT all the extra work that comes with running the business. If you find that having to perform bookkeeping or payroll tasks is souring you on the whole entrepreneurial experience, it’s time to hire.
- You’re paying someone who doesn’t really know what they’re doing. As a small business owner, you’ve probably had to get nimble at delegating. Unfortunately, with a limited staff, it’s likely that your bookkeeping and small business accounting tasks have been delegated to an employee (or family member) who has no education and little experience in the area. When it comes down to it, finances need to be handled by people who know what they’re doing or you could be looking at hefty fines, penalties or even lawsuits.
- You’ve experienced rapid growth. Maybe everything worked out okay when you were handling the books and were a new business. But now you’ve hired on three more people and doubled your client base and balls are starting to get dropped. This is a sure sign that it’s time to hire.
- You’re planning to expand. Perhaps the growth hasn’t happened yet, but you’re putting major plans in place to expand or grow. Get ahead of the game now by working with a professional instead of being reactive when it becomes a necessity.
Business owners should do what they do best, and most of the time, that does not include keeping the books, performing payroll duties, small business accounting, or keeping the pulse of the company’s broader financial picture. If any of the above signs sound familiar, it is time to start looking around for an expert. Learn why your business will benefit from choosing Heartland Accounting.
Beth has a deep knowledge of QuickBooks and accounting as well as the patience of a great teacher. Beth often works with her clients’ tax CPAs to get their books ready for tax time. Not your normal bookkeeper, Beth holds a BS in Accounting from the University of Nebraska at Omaha. She maintains numerous certifications to stay up-to-date technically in both accounting issues and QuickBooks software changes. To learn more about the accounting services Omaha can offer, please visit Heartland Accounting.