- You feel that your accounting knowledge is limited.
Just how much do you know about accounting? Do you know if you are tracking your numbers correctly? Are you accounting for all possible business expenses? Do you understand the purpose and benefit of reconciling bank accounts each month? Do you know what an Income Statement is? Are you overpaying Uncle Sam wayyyy too much of your hard earned money? What if you could save 5 figures of taxes…every year.If these questions left you feeling some kind of way because you don’t have adequate help yet your business is growing growing growing… then it might be time to hire a CPA.
- You don’t have time to understand and fully utilize your accounting software to your benefit.
If you’re anything like me, you use software all day, but when it comes to understanding a new one (especially out of my area of expertise) it can be like learning a foreign language. Chances are you DON’T have the time to learn a new software. And you definitely don’t have time to learn an accounting software. A CPA can take care of that for you. Leaving you with time and sanity to focus on serving your clients.
- You don’t have time to accurately manage your finances.
Your business has grown and continues to expand! You are busy. Every hour of your day is filled. And when you happen to find an hour or two of free time, it all goes towards tying up loose ends. Unlike other tasks, your accounting and tax responsibilities cannot be neglected. The IRS is nothing to mess with. Trust me on that. A CPA can help you with data management, tax preparation, financial analysis, reconciling monthly bank statements to prevent erroneous bookkeeping, tax planning & strategy, financial reports, payroll processing and ensuring your company is meeting overall compliance with its accounting & tax practices. Imagine the peace of mind you’ll get with all that stuff taken off your plate and handled for you.
- Filing your tax return was stressful.
When you start your business, tax time can be an afterthought. But it doesn’t take much profit growth for tax bills to sneak up on you. You don’t want the IRS coming after you. And you definitely don’t want to lose your company shared earned revenue fees, penalties, and unnecessarily inflated taxes. A CPA can file your taxes correctly and take that stress off you.
Alright small business owner, it’s time for some reflection. Be honest with yourself… How was tax season for you? Did you have a hard time organizing your documents? Did you feel overwhelmed, confused, or lost? If you felt any of those things… It might be time to hire a Certified Public Accountant (CPA). And if you had a CPA but you still felt that way…then it may be time to assess if a change is needed.
It can be tough deciding on hiring help for your small business because it does cost money. But when it comes to getting your numbers on track, you gottalook at the cost as an investment. The investment in hiring an accounting professional will pay off tenfold both in the short term and long term.
Here are 4 signs it’s time to hire a CPA:
The bottom line is:
As your business grows, so do your tax & accounting obligations. If you feel that you can’t do it alone, you are most likely right. Follow your intuition and hire a CPA. Ask yourself, how fast is my business growing? Am I making multi-six figures or more each year? Kudos to you boo. As hard as you work for your success, it’s critical to invest in the right folks to make sure you are managing the things you have no idea may come your way – both good and bad. I’m talking tax savings in the form of 4, 5 or even 6 figures…per year. At the end of the day, you don’t know what you don’t know. Lucky for you, help is there if you seek it.
And when you are ready, I’m here to help! If you feel overwhelmed about what kinds of accounting and tax services you might need, let’s talk about it. Click here to tell me a little bit about your business. It only takes 5 minutes. This will give me a good idea of how to assist. From there, I will invite you to a quick call to chat about your situation or give you a few resources that will aid you in your quest for a new CPA. It’s truly a win-win situation.
P.S. Ready to secure a trustworthy, passionate, communicative CPA that has your back throughout the whole year? Apply to work with me and let’s talk!
Disclaimer: This blog is for educational and conversational purposes only. Blog posts and social content from Obih Collective Inc. are not legal tax advice. Please consult a tax professional before making any tax decisions based on this information.