If you are a small business owner, you may be wondering at what point you should hire an accountant for your business. You have a lot of options when it comes to accountants in Hervey Bay. So when your business is ready, you will not have any problems finding a CPA that can handle your business’ financial needs.
CPAs can help your small business in a number of ways, even during the business’ development. They can help you with loan applications, handling a tax audit, and many other services that businesses need on a regular basis.
Just because you need an accountant does not mean you need a full-time accountant on a payroll. You can easily hire a CPA firm to handle your records on retainer. Sometimes, all you need is to hire a CPA for a few hours to help catch up your records. As your business grows, you may need their services for a few hours per week.
Deciding When a CPA is Needed
You may think that hiring a CPA is a waste of time. However, when you evaluate the amount of time it takes for you to complete financial records pertaining to your small business, including taxes, you may find that the amount of time it takes you to handle the records is a misuse of your time. An experienced CPA is able to complete your business’ financial records in half the time it takes someone who lacks the amount of experience they have.
For a multi-tasking business owner, hiring a CPA on an hourly basis can definitely be deemed worth the cost when you consider how much time it would take you to do the same job. To make the determination, consider how much time it takes for you to complete your business taxes. If you consider what your time is worth, and multiply it by the number of hours it will take you to complete them, you may be surprised.
If your business taxes require your dedication for 12 hours, and your time is worth $100 per hour, it costs you a total of $1,200 to complete your business taxes. If you are not experienced, you could have made a number of errors that result in you being audited. If you have filed your taxes with errors on them, you will most likely be penalised for doing so. Now does hiring an experienced CPA sound like a good idea?
CPAs are Educated and Experienced in Handling Finances
CPAs are provided with a rigorous education and are tested on their abilities after they graduate. They have years of experience filing taxes for small businesses, and they are required to learn tax laws and how they affect the clients they represent.
CPAs are Insured In Case of Mistakes and Will Represent You for an Audit
CPAs are required to hold insurance that protects their clients in case they make a mistake on taxes or other financial reports. If your taxes are pulled for a random audit, your CPA will represent you in meetings with tax officials, and handle the documentation associated with the audit for you.
As you can see, hiring a CPA has a lot of benefits for your small business. Knowing your business finances are in good hands, knowing that you have someone to represent you in the case of an audit, and freeing up your time as a business owner to handle other aspects of your company, can make your CPA an irreplaceable asset.
Always search locally when looking for Hervey Bay Accountants, or accountants in any other rural or winery region.