Does your business need an accountant?
Most small-business owners are the chief executive officer, chief financial officer and chief marketing officer all at once when starting a new venture. As the business grows, it is inevitable that the owner will have to give up some of these responsibilities due to a lack of expertise or time.
When a business gets in this position, the owner may consider hiring an accountant, who can help with the following:
1. Bookkeeping—setting up a bookkeeping system, generating financial statements and conducting financial analysis
2. Taxes—preparing tax returns and taking advantage of tax laws
3. Advice—giving educated advice on a variety of topics including cash flow, financing, employee benefits and purchases
4. Organization—deciding on the best ownership structure for your organization
5. Separating expenses—keeping personal and business expenses separate