There are a lot of moving parts when it comes to starting and running a business. No matter how capable and motivated you are, there will come a time when you must hire help to keep all the parts of your business moving and growing. It can be difficult to decide when to go from doing something on your own to hiring help. You will likely struggle with that balance throughout the life of your business. But, when it comes to your accounting needs, there are three signs you can look for to help you decide if your business is ready to hire professional help.
- The accounting duties are taking you away from other important duties.
There are some tasks that only you can do for your company and other tasks that take you away from more important duties. When the bookkeeping tasks of your business start interfering with the things you want to focus on, it is time to hire help. Accurate and consistent accounting is essential to the long term success of your company. You cannot afford to ignore the bookkeeping duties, because that will have a negative impact on your ability run and grow your business. When you hire professional help for your accounting needs it will free up some of your time to focus on other areas of the business. In addition, you will have the confidence of knowing that the bookkeeping duties of your company are being handled by professionals.
- The accounting tasks are becoming more complicated.
When you first started your business the accounting tasks were simple. But, as your company grows the accounting duties can become more complicated. Adding on more employees and real estate will add to the amount and type of information you have to keep up with for accurate accounting. In addition, you may continue to expand your business into other areas of the same industry. For example, if you have typically provided a product and now want to add a service it can impact the complexity of your bookkeeping duties. When you use virtual accounting services, you will have access to an experienced team of professionals who can handle your bookkeeping needs.
- You are considering hiring an in-house bookkeeper.
If you are to the point where you need help with the accounting duties of your business, consider virtual accounting services before hiring an in-house bookkeeper. Using the services of a virtual accounting firm, instead of an in-house accountant, could save you both time and money in the long run. The costs associated with hiring a fulltime employee can be significant. In addition to the salary you pay an employee, you will have other costs such as employer paid insurance premiums and paid time off. You will also spend time training and managing a fulltime employee. If you go with virtual accounting services, you will have all the benefits of a professional accountant without the drawbacks of hiring someone fulltime.