Managing your small business’s financial health is crucial for sustainable growth and success. Hiring a skilled accountant can be a game-changing investment, providing invaluable guidance and ensuring your financial ship sails smoothly. In this comprehensive guide, we’ll explore the key aspects of small business accounting services. From finding the perfect accountant to the costs involved and the value they bring, we’ll provide practical insights to help you make informed decisions in your financial journey. First up, where can I find an accountant for a small business?
Where Can I Find an Accountant for a Small Business?
Finding the right accountant for your small business requires a strategic approach. Consider these avenues:
a) Referrals: Seek recommendations from fellow business owners, colleagues, or industry associations. Personal referrals can lead you to reliable and experienced accountants. You can also look online for an accountant for a small business. For instance, you can look on LinkedIn, Twitter, or industry specific Facebook pages.
b) Professional Networks: Leverage industry-specific organizations and professional networks. These associations often maintain directories of qualified accountants catering to small businesses. If you’re in real estate consider asking friends and acquaintances who they use as their small business accountant.
c) Online Platforms: Explore specialized accounting websites and online freelancer marketplaces. These platforms connect you with a diverse pool of skilled accountants ready to support your financial needs. Fiverr and Upwork are two popular platforms. Using online platforms can lead to success but often it takes a lot of time screening and, despite best efforts, it’s not uncommon to make a hire that just doesn’t fit. For a full time hire consider posting on Indeed.
d) Hourglass (i.e. our company): At Hourglass we pair you with an awesome accountant based in Latin America. There are some big benefits to this approach. First, the value is often far superior to that of hiring a United States based accountant. We charge a flat $3k/month for a full time accountant. A full time hire in the US will often cost double that when factoring in salary, benefits, and taxes. Having a full time team member dedicated to all things accounting can help you and your business in numerous ways. Everything from record keeping, payroll, managing payroll and receivables, financial projections, and more. Supplementing your team with an Hourglass contractor is especially powerful and there is already some financial infrastructure in place. And with Hourglass you aren’t tied into any long term contracts. You can add headcount or reduce as your business needs dictate. If you want to learn more about Hourglass and getting a small business accountant of your own please check out or FAQ page or contact us here.
Is It Worth It to Hire an Accountant for a Small Business?
If you’ve achieved any level of size/scale/success is undoubtedly worth it to hire an accountant for a small business. Hiring an accountant for your small business is a prudent decision with numerous benefits:
a) Expert Financial Guidance: Accountants possess the knowledge and experience to offer strategic financial advice, helping you make informed decisions and chart a course for business growth.
b) Time Savings: Outsourcing accounting tasks to a professional allows you to focus on core business activities, optimizing productivity and efficiency.
c) Compliance Assurance: Staying compliant with tax regulations and financial reporting is crucial. Accountants ensure accurate reporting and minimize the risk of penalties.
What Should an Accountant Do for a Small Business?
A proficient accountant can handle a wide range of financial tasks, including:
a) Bookkeeping: Maintaining accurate financial records, reconciling accounts, and organizing transactions.
b) Tax Preparation: Preparing and filing tax returns, maximizing deductions, and ensuring tax compliance.
c) Financial Analysis: Analyzing financial data to identify trends, forecast performance, and provide insights for business planning.
d) Budgeting and Forecasting: Creating budgets and financial projections to support strategic decision-making and set achievable goals.
How Do I Find an Accountant?
Finding the right accountant involves a systematic approach:
a) Assess Your Needs: Define your specific accounting requirements, such as tax preparation, bookkeeping, or financial planning.
b) Interview Prospects: Connect with potential accountants to discuss their experience, qualifications, and how they align with your business goals.
c) Verify Credentials: Check their credentials, certifications, and membership in professional accounting bodies for credibility.
d) Request References: Seek references from past clients to gauge their satisfaction with the accountant’s services.
Small Business Accounting Services Cost
The cost of small business accounting services can vary based on several factors:
a) Service Scope: The breadth of services required, from basic bookkeeping to comprehensive financial planning, influences the overall cost.
b) Complexity: The complexity of your business’s financial transactions and reporting needs can impact pricing.
c) Frequency: The engagement model, whether full-time, part-time, or project-based, affects the cost structure.
Ultimately the cost is going to depend on what you need. It is possible to get basic bookkeeping services done in the range of $500/month. If you are a smaller business this can be perfectly suitable. Hiring a full time accountant can cost $80k+ depending on experience. A full time Hourglass small business accountant contractor is $36k per year.
Small Business Accounting Services Online
Embracing online accounting services can provide numerous advantages:
a) Accessibility: Collaborate with your accountant remotely, gaining real-time access to financial data and reports.
b) Cost-Effectiveness: Online platforms often offer flexible plans tailored to your business’s needs and budget.
c) Integration: Seamlessly integrate online accounting software with other business tools, streamlining financial management.
Wrapping Up: How to Find, Hire, and Have Success with a Small Business Accountant
Navigating the waters of small business accounting requires strategic planning and collaboration with a qualified accountant. From local referrals to online platforms, various resources are available to find the perfect fit for your financial needs. The value of hiring an accountant extends beyond financial guidance, providing time savings, compliance assurance, and expert analysis to drive your business forward. By leveraging the insights in this guide, you’ll be well-equipped to set sail on a successful financial journey, charting a course towards small business prosperity.
If you want to learn more about Hourglass please get in touch. We are happy to have a no pressure chat to see if it is a good fit for you and us.