A skilled accountant can take away many of the headaches of running a business. From applying for loans during the company’s formation to setting up a payroll system, they make financial matters a breeze. Understanding the “numbers” is crucial to the future of your company.
By delegating taxes and other financial tasks to an accountant, you’ll free up valuable hours for yourself that can instead go towards income generation. Not only that, their expertise will greatly reduce the risk of any costly oversights or mistakes. But do you really need one in your staff?
There’s no denying the usefulness of an accountant in Salt Lake City. However, cash flow can be tight, and it’s not like a small business will need an accountant every day. Outsourcing the work to an accounting firm may make more sense.
Making the right choice
Hiring an accounting firm or part timer is valuable if you only need their services for a few hours every month. Even when something unexpected happens and you need professional advice, they’re just a phone call away. As long as you find a reliable company to work with, this arrangement can save small businesses a lot of money.
However, there will come a point where it’s both more convenient and cost-effective to have an accountant in your office at all times. Entrepreneur says that the benchmark for needing full-time help is usually around 30 employees or $1 million in revenue. Once you’ve passed that point, you should strongly consider hiring a dedicated CPA.
A full-time accountant is also more familiar with the intricate details of how your business works, and are sometimes more likely to spot potential issues before they blow up into expensive problems. Like any other hiring decision, it all comes down to weighing the company’s needs and making sure that the people you work with are bringing enough to the table.