All businesses start out as small entities with a few employees, a few products and/or services, and an endless amount of dreams and hopes of success and prosperity. During the time when a small business is just starting out and is slowly growing, it isn’t uncommon for the business owner to take care of any accounting or other money-related tasks. However, over time, through plenty of hard work, a once small business can grow into something larger than ever expected and these once menial tasks can easily overwhelm a business owner who now has to juggle too many things at once. While properly running a business is crucial, proper accounting also plays a large role in a business’ success.
The Importance of an Accountant
When the time comes that you realize that you can no longer wear the hat of a business owner and an accountant, you’ll want to begin your search for a local accountant, preferably one who is a CPA and has plenty of experience working with business owners. By hiring an accountant and/or a bookkeeper, you can pass all sorts of responsibilities into this new employee. An accountant will be able to:
- Help design, create, and maintain an accounting system
- Create end of year accounting reports
- Ensure that your taxes are filed properly and on time
- Send out tax forms to employees including 1099s and W2s
- Identify tax deductions
- Keep track of your business’ budget and spending habits
Obviously, hiring an accountant to work for your company is not only beneficial but is a must. Without an accountant your business’ success can easily go down the drain; quite quickly!
The Catch-22 Situation
As already stated, all businesses, especially those of a larger size, need an accountant to rely on for financial, budget, and tax needs. A business without an accountant won’t last long. But, one of the main problems with hiring an accountant is the fact that the accountant must be paid a part-time or full-time salary but will rarely be needed for such lengthy amounts of time. While a business owner will appreciate having an accountant, no one wants to overpay for an employee that isn’t needed every day let alone every week. For some, it can result in a loss of money.
A Virtual Solution
To solve problems that may come about when hiring an accountant, business owners now have the option to work with a virtual accountant. With a virtual accountant, a business owner no longer has to worry about paying an accountant a set salary, ensuring that the office building can house another employee, or ensuring that the accountant remains busy during the workday. A virtual accountant makes the process of having accounting services much easier. Records and important information can be accessed at any time since all documents are typically stored and accessed from a secured and encrypted website.
If you’re looking to save time, money, and space while still having a reliable accountant, definitely consider a virtual accountant to get the job done.
About the Author
MyVAO is a virtual accounting service, take a look at what they can do for you here.
- Can Small Business Owners Really Do It All? (score.org)
- What are SBO-401(k) Plans? (moneymanager.com)
- What’s the Difference Between a Bookkeeper and an Accountant? (intuit.com)
- 4 Pieces of Advice to Help Clients Collect Money Faster (aicpa.org)
By Derivative work by Werson, based on Image:Emblem-important.svg by The people from the Tango! project. (Own work) [CC-BY-SA-2.5 (http://creativecommons.org/licenses/by-sa/2.5)], via Wikimedia Commons