You’ve taken the plunge and started your business. Taking your financial future into your own hands and betting it all on your ambitions is thrilling. And it’s also terrifying. So many decisions to make, so many little details to iron out, it can be overwhelming. Especially when it comes to the lifeblood of your business. The finances. Screw up your payroll, fail to pay your bills and make one too many mistakes on your taxes and your business will never get off the ground. If you’re playing to win, your business will have to employ a professional to help you manage your finances. But therein lies the question. What kind of professional is right for your business? An accountant or bookkeeper?
At Hacker Accounting, we have a staff of talented and professional accountants and bookkeepers ready to help your business succeed. If you’re wondering what kind of professional you’ll need for your business, ask yourselves these questions and let our answers be your guide.
Day to day Vs. Month to month
How much help do you need with your finances? Do you need someone to regularly look over your books, help maintain your payroll and keep you up to date on the ever-shifting nature of your profits and losses? Or do you need someone who can poke their head in every now and then to make sure everything is going okay? Bookkeepers are best suited for being present and on the job on a regular basis. It’s much less cost effective to employ an accountant to do the job of a bookkeeper. If you need someone to keep a close eye on your day to day activities, a bookkeeper is the ideal person for the job. They can free up a considerable amount of your time by taking on the burden of dealing with your administrative duties. It’s hard to put your focus on growing your business when you spend all your time paying bills and dealing with payroll.
Related: CPA vs. Bookkeeper: Which Does My Business Need?
Do you need an advisor?
Every leader needs an advisor to turn to in times of need. If you’ve got questions about the future of your business, an accountant has the answers. Bookkeepers are focused on keeping the engine of your industry running; an accountant has the maps and navigational skills to tell you where that engine should be heading. Accountants can take a look at your financial status and give you vital advice on what opportunities you should take advantage of and what problems could lie ahead.
Are you just starting out?
If you’ve just launched a new venture, you should employ a bookkeeper before you go for an accountant. For the first six months to a year of your business, you’re going to be focusing on the stability and establishment of your business. Having someone help you handle the day to day financial operations of your business could be a lifesaver. You won’t really need to see an accountant until tax season. And the kind of advice they can give you would be so much more valuable and useful to you once your business finds its footing.